Jump Crypto restores Wormhole’s $320 million in lost ETH. On February 2, 2o22, the Wormhole Network suffered a massive attack that resulted in the largest hack of 2022 and the second-largest hack ever. There was a vulnerability on the Solana & Ethereum bridge that was misused by the attackers. And they lost 120,000 wETH tokens, while the network was down. But now the tokens have been replenished, and wETH is backed 1:1 again.
More about the hack
According to Wormhole, the hacker generated 120,000 wETH on Solana before converting it to ETH for $254 million. The money was then utilized to buy BAYC NFT, SportX, and Meta Capital. At the same time, the hacker’s wallet still contains $44 million in Solana. After the hack, Wormhole reported that more Ethereum would be added soon to ensure that wETH remains 1:1 supported.
According to Certik, a smart contract auditing business, it is critical that they do a thorough investigation to ensure that no other bridges are compromised. This is because they reported that a vulnerability might also exist in the Luna and Ethereum bridge.
After the hack, the employees contacted the hacker via the Ethereum address. They offered $10 million to them for a white hat contract and requested them to return the rest of the funds while pointing out the exploit. But it seems this time around, the motive was to steal. There have been no reports of the funds being returned back by the hackers.
Funds restored by Jump crypto
Wormhole’s team recently tweeted that the funds have been restored. They also thanked everyone for the support and patience while assuring that a detailed report on the attack would be coming soon. But yes, the problem has been fixed, and it’s unlikely that such a thing will happen again.
Do note that Wormhole Network didn’t directly say that the funds have been restored by their parent company. And it is sure that it wasn’t returned by the hackers. But their statement that Jumo crypto believes in a multichain feature and hence they replenished the funds to continue with the development.
What are your thoughts as Jump Crypto restores Wormhole’s $320 million in lost ETH? And do you think that cross-chain bridges are too vulnerable to work with? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Microstrategy CEO says a lot more Institutional Bitcoin adoption is evident.
