Wormhole, the token bridge between Ethereum and Solana, lost more than $321 Million in a security breach on Wednesday making it the first crypto heist of 2022.
120,000 wETH tokens were taken out of the platform and distributed among the Hacker’s Wallets. Wormhole announced the news of the hack via Twitter. Along with this, it announced a bug bounty of $10 million for the return of the funds.
Wormhole shared the plan of replenishing the lost Ethereum with an additional supply of ETH. This will maintain the 1:1 ratio with wETH.
The wormhole network was exploited for 120k wETH.
ETH will be added over the next hours to ensure wETH is backed 1:1. More details to come shortly.
We are working to get the network back up quickly. Thanks for your patience.
— Wormhole🌪 (@wormholecrypto) February 2, 2022
Wormhole allows users to send and receive crypto between Solana, Ethereum, Binance Smart Chain (BSC), Polygon, Avalanche, Oasis, and Terra, without the use of a centralized exchange. The hack made it to the list of top hacks in the world of decentralized finance (DeFi).
According to the recent tweets, Wormhole has come back up again. The vulnerability has been patched and the Eth Contract has been refilled with the help of Jump trading.
The team is working on a detailed incident report and will share it asap
18:26 UTC – contract was exploited for 120k ETH
00:33 UTC – vulnerability was patched
13:08 UTC – ETH contract has been filled and all wETH are backed 1:1
13:29 UTC – the Portal (token bridge) is back up
— Wormhole🌪 (@wormholecrypto) February 3, 2022
The platform reached out to the hacker for a settlement via the Ethereum address. They offered to let the hacker have $10 million in return for sending back the 120K wETH. However, the offer hasn’t been accepted as of yet.
“This is the Wormhole Deployer: We noticed you were able to exploit the Solana VAA verification and mint tokens. We’d like to offer you a whitehat agreement, and present you a bug bounty of $10 million for exploit details, and returning the wETH you’ve minted. You can reach out to us at email@example.com”