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Home industry cryptocurrency crypto firm Wormhole hit by $320 million hack

Crypto firm Wormhole hit by $320 million hack


Cryptocurrency

Crypto firm Wormhole hit by $320 million hack

Hackers have stolen cryptocurrency worth upwards of $320 million from one of the most popular cross-blockchain bridges, Wormhole, the fourth-largest crypto heist on record and the latest to shake the fast-growing decentralized finance (DeFi) sector.

Wormhole, a website that lets users move their crypto tokens and NFTs between Ethereum and Solana, tweeted on Wednesday that it was exploited for 120,000 units of a version ether, the second-largest cryptocurrency.

On-chain analysts alerted attention to an 80,000 ether (ETH) transaction from Wormhole to an address currently possessing over $250 million worth of the same token. According to another developer, the attacker also kept 40,000 ETH on Solana, selling the tokens for other assets.

Wormhole, in another Tweet on early Thursday, said that it had fixed the vulnerability in its system and confirmed that the bridge was currently down while the team investigated a potential exploit.

The DeFi platforms allow users to lend, borrow, and save—usually in cryptocurrencies—while bypassing traditional financial institutions such as banks. Cross-blockchain bridges like Wormhole often work by taking a digital asset, such as ETH, and locking it in a contract to issue a parallel asset on the bridged chain.

The hack has raised the alarm in the DeFi sector because it now makes ETH bridged to Solana unbacked.


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