Wormhole Protocol Confirms It Was Hacked of 120,000 ETH worth $320 Million

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