Home » News » Hackers stole crypto-assets worth $324 million fro...

Hackers stole crypto-assets worth $324 million from Wormhole

Deepanker Verma February 3, 2022 Cryptocurrency

Add Techlomedia as a preferred source on Google.

Blockchain platform Wormhole has confirmed on Wednesday that hackers stole crypto-assets worth $324 million. The company Tweeted to report this breach and confirmed that 120k wETH were stolen from the platform. This incident is the fourth largest crypto theft of all time and the second-largest theft from a DeFi service. Wormhole took the platform down for maintenance and investigating the matter.

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.
— Wormhole (@wormhole) February 2, 2022

Wormhole acts as a bridge between different blockchains and lets users transfer cryptocurrency. A vulnerability in ‘the Solana VAA verification and mint tokens’ has been exploited to transfer ETH from Wormhole. Now the company is offering hackers $10 million for the exploit details and return of all the cryptocurrency.

“The exploit appears to have allowed the attacker to mint 120,000 wrapped ETH on the Solana blockchain, 93,750 ETH of which was then transferred to the Ethereum blockchain,” Elliptic explained.

Several researchers tweeted about the issue and detailed how the vulnerability has been exploited.

Follow Techlomedia on Google News to stay updated.

Affiliate Disclosure:

This article may contain affiliate links. We may earn a commission on purchases made through these links at no extra cost to you.

About the Author: Deepanker Verma

Deepanker Verma is the Founder and Editor-in-Chief of TechloMedia. He holds Engineering degree in Computer Science and has over 15 years of experience in the technology sector. Deepanker bridges the gap between complex engineering and consumer electronics. He is also a a known Security Researcher acknowledged by global giants including Apple, Microsoft, and eBay. He uses his technical background to rigorously test gadgets, focusing on performance, security, and long-term value.