Cryptheory: NFT, Play-to-Earn, Crypto News

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

The hacker hacked the Wormhole protocol and stole ETH worth $ 320 million

2 min read

 

On February 2, the hacker managed to hack the Wormhole protocol and steal a $ 320 million in ETH (at the current exchange rate).

Another hack, this time for $ 320 million

The attacker exploited the vulnerability of Solana blockchain bridge to mint 120,000 wETH coins that were not backed by Ethereum. The organizer of the attack then exchanged the assets for ETH, withdrew them from the protocol and spent part of the stolen funds on the purchase of the NFT.

The vulnerability that allowed hackers to create wETH using a smart contract in the Rust programming language became known as 1З. January. Rust fixed the bug, but the team did not update the software so the attacker could carry out the attack.

Wormhole employees contacted the attacker and asked him to return the stolen assets in exchange for $ 10 million. The project staff deactivated the protocol for maintenance and promised to renew it in the near future.

Blockchain Solana was supposed to be Ethereum killer, but due to several hacker attacks, the reliability of the decentralized network is questioned. Such incidents also have a negative impact on the exchange rate of token Solana (SOL). After the information about the hacking of the bridge appeared, the price of SOL fell by 15%.

Grayscale will launch its first cryptocurrency-focused ETF

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply

Your email address will not be published.