Wormhole Portal Exploit: Hackers Steal Nearly $320 Million of Wrapped ETH

February 14, 2022 Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Metaverse, NFTs, Cyber Security, Hacks, Fraud Alerts, Risks, Enterprise, Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Fintech International, Fundraising, Investing, Trading, Stories No comments

Finance Magnates | Bilal Jafar | Feb 3, 2022

wormhole portal hack - Wormhole Portal Exploit: Hackers Steal Nearly $320 Million of Wrapped ETH In one of the largest crypto thefts of all time, Wormhole Portal, a bridge between Solana (SOL) and other blockchains, was exploited for approximately 120k wrapped ETH. The total value of the stolen crypto assets currently stands at around $320 million.

Wormhole has offered a bounty worth $10 million to hackers to return the funds. According to the company, its relevant department is working to resolve the issues.

See: Crypto.com $34 million stolen in user account hack | Data Breach Lessons

“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 mentioned in a recent Tweet.

"Similar to previous large-scale DeFi hacks, potential victims and donation-seekers have begun to send the hacker on-chain messages through Ethereum transactions. These have ranged from small transfers of worthless tokens or those seeking donations using blockchain names such as 'hackerplsdonate.eth' to get the hacker's attention. One individual claimed to have lost $100,000 in the hack. This adds to the more than $2 billion in direct losses suffered by DeFi services due to hacks and exploits,” Elliptic highlighted.

DeFi hacks are surging. With growing popularity and adoption, the decentralized finance sector has seen a jump in theft and scams during the past 12 months. In January 2022, DeFi protocol Qubit Finance was attacked, and the network suffered a loss of nearly $80 million.

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