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Solana Problems Worm in $320M (120K with) Wormhole Bridge Hack

A Solana bridge called Wormhole has been exploited for a whopping $320 million, according to reports released on Feb. 3. The team posted a message that the bridge had been hacked and lost 120,000 packed ETH worth about $320 million at the time. It added that ETH will be added to ensure that the packaged variant in the bridge is fully supported. The wormhole network was exploited for 120k wETH. ETH will be added over the next few hours to ensure wETH 1:1 is supported. More details will follow shortly. We are working on getting the network back up to date soon. Thanks for your patience. — Wormhole🌪 (@wormholecrypto) Feb 2, 2022 At the time of writing, the latest announcement on the Wormhole Twitter feed was that the vulnerability had been patched and that they were in the process of restoring the network. Biggest bridge hack to date Paradigm security researcher “samczsun” has delved into the exploit and claims the attacker got the private keys or misused the bridge. He added that there was a “corresponding transaction on Solana where the attacker bridged the ETH.” The hacker essentially exploited a vulnerability to mint wETH without having to deposit ETH himself. How did the @wormholecrypto exploit work? I’ve joined forces with @gf_256 and @ret2jazzy to reverse engineer the exploit, and now that it’s patched we can finally share it with you👇 — samczsun (@samczsun) Feb 3, 2022 Tom Robinson, the co-founder of blockchain analytics company Elliptic, commented, “This shows once again that the security of DeFi services has not reached a level appropriate for the massive amounts of money stored within them. blockchain allows attackers to identify and exploit major bugs.” A post on the Ethereum blockchain from the Wormhole developers offered a bounty for returning the loot: “We noticed you could exploit the Solana VAA verification and coin tokens. We want to offer you a whitehat deal and offer you a $10 million bug bounty for exploit details, and return the money you hit. Wormhole was developed by blockchain engineering firm Certus One, which was acquired by Jump Trading in August. On February 1, Solana Labs announced the launch of its payment app Solana Pay. SOL Pricing Tank The bridge hack is the latest in a growing list of problems for Solana, including 4 network outages in as many months. SOL prices are down 12% in the past 8 hours from about $111 to $97 at the time of writing. The token is now trading 62.5% lower than its all-time high of $260 on November 6. Solana has often been touted as an “Ethereum killer”, but this latest setback, in addition to the multiple network and performance issues it’s had recently, makes this name up for debate. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees.
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