Wormhole token bridge loses $321M in largest hack so far in 2022


The Wormhole token bridge skilled a safety exploit right this moment, ensuing within the lack of 120,000 wETH tokens ($321 million) from the platform.

Wormhole is a token bridge that permits customers to ship and obtain crypto between Ethereum, Solana, BSC, Polygon, Avalanche, Oasis, and Terra with out the usage of a centralized alternate (CEX). That is the biggest crypto hack of 2022 up to now and the second largest DeFi hack thus far. The Wormhole crew has supplied a $10M bug bounty for the return of the funds.

The hack happened on the Solana facet of the bridge and there are fears Wormhole’s bridge to Terra might be equally susceptible.

The Wormhole crew has assured the neighborhood that its ETH provide can be replenished to “guarantee wETH is backed 1:1,” however there isn’t a phrase but on the place these funds will come from or when.

The hack happened at 6:24pm UTC on Feb. 2. The attacker minted 120,000 wETH (WETH) on Solana, then redeemed 93,750 WETH for ETH value $254 million onto the Ethereum community at 6:28pm UTC. The hacker has since used some funds to purchase SportX (SX), Meta Capital (MCAP), Lastly Usable Crypto Karma (FUCK), and Bored Ape Yacht Membership Token (APE).

The remaining WETH was swapped for SOL and USDC on Solana. The hacker’s Solana pockets at present holds 432,662 SOL ($44 million).

No different belongings or chains served by Wormhole have been reported affected, however good contract auditing agency Certik mentioned in a report right this moment that “It’s potential that Wormhole’s bridge to the Terra blockchain shares the identical vulnerability as their Solana bridge.”

The Wormhole crew contacted the hacker by their Ethereum handle to supplied to let the hacker maintain $10 million value of funds stolen if the remaining funds are returned.

“That is the Wormhole Deployer: We seen you had been capable of exploit the Solana VAA verification and mint tokens. We’d prefer to give you a whitehat settlement, and current you a bug bounty of $10 million for exploit particulars, and returning the wETH you’ve minted. You’ll be able to attain out to us at contact@certus.one”

As of the time of writing, wETH tokens despatched throughout the bridge should not but redeemable whereas the Wormhole crew makes an attempt to repair the exploit.

That is the second good contract exploit on a token bridge in per week. On Jan. 28, Qubit Finance’s QBridge was exploited for $80 million on BSC. It’s also harking back to the Poly Community hack final August whereby $610 million in crypto was stolen off the platform. In that case, practically all the funds had been returned by the whitehat hacker.

Associated: $2.5B in stolen BTC from Bitfinex hack awakens

The frequency of good contract hacks on token bridges serves to validate Vitalik Buterin’s Jan. 7 warning that there are “elementary safety limits of bridges.” The Ethereum co-founder’s admonition was inside the context of a 51% assault on Ethereum, however his recommendation was well-timed as he identified the final vulnerability obvious on bridges that ship tokens throughout layer-1 blockchains.



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