financemagnates.com
In one of the largest crypto thefts of all time, Wormhole Portal, a bridge between Solana (SOL) and other blockchains, was exploited for approximately 120k wrapped ETH. The total value of the stolen crypto assets currently stands at around $320 million.
Wormhole has offered a bounty worth $10 million to hackers to return the funds. According to the company, its relevant department is working to resolve the issues.
“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 mentioned in a recent Tweet.
DeFi hacks are surging. With growing popularity and adoption, the decentralized finance sector has seen a jump in thefts and scams during the past 12 months. In January 2022, DeFi protocol Qubit Finance was attacked, and the network suffered a loss of nearly $80 million.
A recent report published by Chainalysis also highlighted the growing use of DeFi protocols in money laundering.
DeFi Hacks
According to blockchain analytics and crypto compliance solutions provider, Elliptic, an individual claimed to have lost $100,000 in the recent Wormhole attack.
"Similar to previous large-scale DeFi hacks, potential victims and donation-seekers have begun to send the hacker on-chain messages through Ethereum transactions. These have ranged from small transfers of worthless tokens or those seeking donations using blockchain names such as 'hackerplsdonate.eth' to get the hacker's attention. One individual claimed to have lost $100,000 in the hack. This adds to the more than $2 billion in direct losses suffered by DeFi services due to hacks and exploits,” Elliptic highlighted.
The latest details shared by Wormhole indicate that the vulnerability has been patched and the company is working to get the network back up as soon as possible.