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Wormhole Bridge Attacked for $322 Million

Key Takeaways The Wormhole blockchain bridge protocol has undergone an attack that has led to the theft of at least 120,000 ETH. That amount is worth $322 million; previous estimates placed the value of the attack at $256 million. Wormhole attempts to contact the attacker and has offered a $10 million reward if the money is returned. Share this article An attacker has abused the Wormhole bridging protocol for $322 million worth of ETH, according to several reports. Attack estimated above 120,000 ETH Wormhole has estimated the value of the attack at 120,000 ETH, worth $322,952,400 at current prices. The earliest reports placed the value of the attack at 80,000 ETH. Later, Steven Zheng of The Block noted that the stolen amount was “far more than 80,000 ETH”, while an article on that site estimated the value of the attack at 93,750 ETH or $256 million. It seems those smaller estimates didn’t account for stolen money held on Solana as packaged ETH (wETH). Regardless, the amount of money stolen in the attack makes it one of the largest DeFi attacks in recent history. Other major attacks include a $611 million attack on Poly Network last August. Cream Finance and BadgerDAO also faced thefts in excess of $120 million in 2021. No official statement YetWormhole’s official Twitter account has not provided a detailed explanation of the attack, but has stated that the network is “unavailable for maintenance because [it looks] into a potential exploit.” Elsewhere, Wormhole developers have attempted to contact the attacker via a blockchain message. The team members extended a “white hat deal” and offered the attacker $10 million to reveal their exploit strategy and return the stolen money. That message also stated that the attacker could mint new tokens by using the authentication of Wormhole’s Solana VAA – the messaging system processed by receiving blockchains. Wormhole is a protocol that works as a bridge between several blockchains, mainly Ethereum and Solana . It allows users to move money between those blockchains quickly and easily. Incidentally, in early January, Ethereum co-founder Vitalik Buterin warned about the shortcomings of cross-chain bridges, noting the security risks inherent in such protocols. Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies. Share this article The information on or accessible through this website was obtained from independent sources believed to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness or accuracy of any information contained on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not provide personal investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete or inaccurate information. You should never make an investment decision about an ICO, IEO or other investment based on the information on this website, and you should never interpret or otherwise rely on the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO or other investment. We do not accept compensation in any form for analyzing or reporting ICOs, IEOs, cryptocurrency, currencies, tokenized sales, securities or commodities. See full terms and conditions. Vitalik Buterin Skeptical of Cross-Chain Bridges Ethereum co-founder and developer Vitalik Buterin tweeted today a link to a Reddit post discussing his belief in a multi-chain future but expressing doubts about cross-chain ecosystems…. Flint Launches High Annual Crypto Yields on Solana Without the Volati… Flint, a passive income platform for stablecoins, launches its beta. It hopes to eventually bring an NFT store. Earn Returns On Stablecoins Passive Crypto Investment Gateway Flint Will Come In… Is The Time On Our Side? The Arguments for Bitcoin’s Extension Cycles One of BTC’s many unique features is its halving process, which is often accompanied by a bullish move and preceded by bearish consolidation. Bitcoin’s halving events are… Solana Appears to Incorporate a Fee Market Similar to Ethereum Solana Labs CEO Anatoly Yakovenko has submitted a proposal to introduce a fee market on Solana. The measure is intended to discourage spam transactions while also helping users find urgent…
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