Hacker robs $320Mn from Wormhole
By MYBRANDBOOK
Wormhole, a protocol that allows users to move their tokens and NFTs between Solana and Ethereum, has confirmed that it suffered an exploit of 120,000 Wrapped Ethereum, worth over $320 million.
Developers representing Wormhole confirmed the exploit on its Twitter account, saying that the network is “down for maintenance” while it looks into a “potential exploit.” The protocol’s official website is currently offline.
The attacker’s profits are at least $251 million worth of ethereum, nearly $47 million in solana, and more than $4 million in USDC, a stablecoin pegged to the price of the U.S. dollar.
In addition to connecting Ethereum and Solana, Wormhole also works with Avalanche, Binance Smart Chain, Oasis, Polygon, and Terra. It allows users of one chain to take wrapped assets and use them on another chain, often so they can take advantage of lower fees or different applications across networks.
A bridge like Wormhole takes an ethereum token, locks it into a contract on one chain, and then on the chain at the other side of the bridge, it issues a parallel token.
The $320 million hack on Wormhole Bridge highlights the growing trend of attacks against blockchains protocols. This attack is sounding the alarms of growing concern around security on the blockchain.
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