Wormhole Network Suffers $321 Million Hacking Attack

  • Wormhole hackers make off with over $320 million.
  • Wormhole bridges many blockchains platforms.
  • The hacker took advantage of Solana’s vulnerability.

Hacking issues remain a challenge in the crypto world despite many approaches to curb the problem. As watchdogs have little control, crypto platforms should upgrade their systems to avoid illegal undertakings. Meanwhile, the marketplace has witnessed a record attack early today. The Wormhole had hackers stealing around 100,000 wETH following the breach.

Wormhole Bridges Several Blockchains

The hacker stole around $321 million. Wormhole offers a platform for traders from various blockchains to exchange assets without central exchanges. Besides Ethereum, the network supports blockchains like Terra and Solana.

It is the top hack this year, and it might go into history books as the massive one in 2022. Furthermore, the $321 million loss takes the second spot as the highest money the crypto industry lost to scammers. Meanwhile, Wormhole announced a $10 million reward for anyone that can help them retrieve the lost funds.

Hacker Took Advantage of Solana’s Weakness

Analyzing the encounter reveals the attack entered the platform via Solana’s vulnerability. That raised concerns among market players as they view the link bridging Terra as another weak one. Wormhole developers are working on the situation, guaranteeing users a fresh Ethereum arrival. Nevertheless, the statement did not highlight any place to source or get Ethereum.

The scam artist used the Solana Bridge to mine over 120,000 wETH and exchanges a portion of the money to Ethereum. The hacker managed to move around $245 million via that method. Moreover, the hacker used the money to purchase NFTs and other DeFi coins. For now, the hacker’s wallet had $44 million remaining.

Though other assets remained safe, cyber analytics platform Certik warned about the same occurrence on Terra’s bridge. Meanwhile, Wormhole declared contacting the hacker to return the cash and keep the $10 million reward.

What are your opinions concerning hacking in the crypto world? What are some of the ways to prevent such occurrences? Feel free to share your thoughts in the comment area below.

Enjoy safety on your online investment.