Wormhole Protocol Archives - Times Tabloid https://timestabloid.com/tag/wormhole-protocol/ Cryptocurrency and Blockchain Tabs Fri, 11 Feb 2022 04:57:31 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://timestabloid.com/wp-content/uploads/2021/08/cropped-Times-Tabloid-Favicon-32x32.png Wormhole Protocol Archives - Times Tabloid https://timestabloid.com/tag/wormhole-protocol/ 32 32 Wormhole Says $320 Million Stolen Has Been Restored https://timestabloid.com/wormhole-says-320-million-exploited-has-been-restored/ Thu, 03 Feb 2022 20:24:28 +0000 https://timestabloid.com/?p=2658 Wormhole Protocol, a bridge between the Ethereum and Solana blockchains, has recently reported that all the exploited funds have been restored. In a tweet on 3rd February, Wormhole said its network is back online and all funds have been restored. “All funds have been restored and Wormhole is back up. We’re deeply grateful for your […]

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]]> Wormhole Protocol, a bridge between the Ethereum and Solana blockchains, has recently reported that all the exploited funds have been restored.

In a tweet on 3rd February, Wormhole said its network is back online and all funds have been restored.

“All funds have been restored and Wormhole is back up. We’re deeply grateful for your support and thank you for your patience.”

The official account added, “The team is working on a detailed incident report and will share it asap.”

Particularly, the interoperability protocol, which acts as a link between the Solana and Ethereum blockchains, was specifically targeted, which resulted in significant losses for Solana traders in the second-largest attack to hit the nascent decentralized finance (DeFi) sector.

Wormhole is a bridging protocol that enables assets to move across various blockchain protocols. When a user sends assets from one chain to another, the bridge locks the assets and mints a wrapped version of the funds on the destination chain.

How the Exploit Played Out

Notably, the hacker carried out an unlawful mint of 120,000 wETH, which was valued at around $322 million at the time. They carried out the assault by taking advantage of a Solana VAA weakness, a bridge function that verifies asset transfers.

Wormhole initially reported the incident on 2nd February, after hackers exploited the vulnerability, the network tweeted,“The Wormhole network is down for maintenance as we look into a potential exploit.” 

A deficiency in the Ethereum-compatible cross-chain bridge enabled a hacker to drain 120,000 ETH from a smart contract that was facing the Ethereum blockchain at about 18:24 UTC.

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]]> Wormhole Protocol Confirms It Was Hacked of 120,000 ETH worth $320 Million https://timestabloid.com/wormhole-protocol-confirms-it-was-hacked-of-120000-eth-worth-320-million/ Wed, 02 Feb 2022 23:44:02 +0000 https://timestabloid.com/?p=2628 Wormhole, a bridging protocol that enables assets to move across various blockchain protocols, has been hacked and digital token ETH worth millions of dollars was reportedly carted away by the hacker. Wormhole confirmed this unfortunate incident moments ago via its official Twitter handle. According to the report, the exploit resulted in the loss of 120,000 […]

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]]> Wormhole, a bridging protocol that enables assets to move across various blockchain protocols, has been hacked and digital token ETH worth millions of dollars was reportedly carted away by the hacker.

Wormhole confirmed this unfortunate incident moments ago via its official Twitter handle. According to the report, the exploit resulted in the loss of 120,000 ETH worth $320 million at current prices.

Read Also: OpenSea Is Reimbursing Users Who Saw Their NFTs Snatched and Resold By Hackers

Wormhole Protocol tweeted, “The wormhole network was exploited for 120k wETH. ETH will be added over the next hours to ensure wETH is backed 1:1. More details to come shortly. We are working to get the network back up quickly. Thanks for your patience.”

Read Also: Someone Just Lost $50 Million Worth of Bitcoin (BTC) To Decentralized Finance (DeFi) Hacker

Prior to the confirmation, Wormhole had announced that there was a potential exploit, but the magnitude of the attack was yet unknown:

“The wormhole network is down for maintenance as we look into a potential exploit. We will provide updates here as soon as we have them. Thank you for your patience.”

A few hours ago, The Block noticed and reported a series of Etherscan transaction records of the attacker that exploited the decentralized finance (DeFi) platform.

According to Jacquelyn Melinek, a Crypto Journalist at @Blockworks, the recent incident makes it the 2nd largest DeFi hack ever. At the time of writing, how the attacker executed the exploit is yet to be ascertained.

Read Also: Up To $10,000 Offered to Any Hacker Who Can Find Cyber Flaws on Cardano Network

Wormhole is a bridging protocol that enables assets to move across various blockchain protocols. When a user sends assets from one chain to another, the bridge locks the assets and mints a wrapped version of the funds on the destination chain.

Follow us on Twitter, Facebook, and Telegram

The post Wormhole Protocol Confirms It Was Hacked of 120,000 ETH worth $320 Million appeared first on Times Tabloid.

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