Cryptocurrency Platform Wormhole was Hacked!

Cryptocurrency platform Wormhole was hacked!

Reportedly saying cryptocurrency platform Wormhole hit in $320 million hacks. The Wormhole is ready to offer the attackers a $10 million reward in exchange for returning the funds.

When the time this happens, the value of wETH is around $318 million, while the value of the transferred Ether is $248 million. Attackers took advantage of a flaw in Wormhole. A cryptocurrency platform that allows users to convert one token into another, to "mint" 120,000 wETH, or Wrapped Ether, on the Solana network. On the Solana network, hackers were able to "mint" 120,000 wETH, or Wrapped Ether. A "wrapped" token is one that does not exist on its native chain. (Bitcoin can only share on the Ethereum network, regardless of how insanely wrapped it is.)

since the attack was revealed, the networks offline and patched the flaw have been taken by the Wormhole's developers. The co-founder of deBridgeFinance makes the claim that this was not a malware issue. There are no network endpoints that were undermined.

The wormhole is using a "whitehat contract" for returning all of the funds to the attackers. Besides that, the organization claims to " ensure wETH is backed 1.1" by adding more funds to the platform.

After all these, the wormhole will most likely become the second-biggest Decentralized Finance (DeFi) platform attack.

Rashini Adhikari

Author of Get Basic Idea - The knowledge base/Bachelor of Science.

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