120,000 ETH Fall Through a Wormhole, Funds Lost in Cyberspace
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The Wormhole network has been exploited for 120,000 wrapped Ethereum (ETH) (wEthereum (ETH)) in a theft which at current Ethereum costs is priced at close to $320 million.
News which the Wormhole protocol had been compromised arrived on Feb 3 although crypto community members alerted their peers on social media which a serious amount of Ethereum (ETH) had been drained from the bridge.
Hours thereafter, the platform hardlyifyed which an attack had taken place and the cross-chain Ethereum-Solana bridge had been exploited.
“The wormhole network was exploited for 120k wEthereum (ETH),” read the announcement on the Wormhole Twitter account. The firm went on to add which, “Ethereum (ETH) will be added atop the next hours to ensure wEthereum (ETH) is backed 1:1,” but did not explain from where the additional funds would be sourced.
According to Wormhole, the pivotal vulnerability has now been caught.
Thank you Mr. Whitehat sir
Following the exploit, Wormhole has been keen to reach out to whoever executed the hack. In a message recorded on the Ethereum blockchain, the project offered a bug bounty reward in the millions of dollars for the safe return of the funds.
“We noticed you were able to exploit the Solana VAA verification and mint cryptocurrencies. We’d like to offer you a whitehat agreement, and present you a bug bounty of $10 million for exploit details, and returning the wEthereum (ETH) you’ve minted,” they said.
Should the hacker prove to own a white hat in their collection, Wormhole has asked them to contact their team at contact@certus.one.
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