Wormhole Theft

Wormhole Claims the Tokens are Safe After one of the Largest DeFi attacks in History

03.02.2022 13:36
by Nina Petrov
1 min read

After losing $320 million worth of tokens from a group of hackers, Wormhole twitter admin announced that “all tokens are safe”. 

Hacks were focused on “exploiting” 120,000 units of Ether, which is the equivalent of $320 million, while ETH is one of the largest cryptocurrencies from this network. The total value the network holds is over $1 billion, supporting six blockchains in total: Ethereum, Terra, Solana, Polygon, Avalanche, and Binance Smart Chain.

The theft was targeting this rapidly growing DeFi website, which was not well-secured. Early this morning, Wormhole announced they have patched security holes, and the funds are now safe, but did not offer any further elaboration till this moment.

As Elliptic discovers, hackers found a way to create 94000 false wETH tokens, which they then moved to the Ethereum blockchain. They also shared that Wormhole offered to pay a total of $10 million to the attackers to return the funds.

https://twitter.com/wormholecrypto/status/1489036273012682753
Source: @wormholecrypto

Author

  • Nina Petrov is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

Trending news

Subscribe and be in touch
Click here