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The Wormhole Network was hacked, resulting in the theft of 120,000 ETH (wETH) which, at the current Ethereum price, is equivalent to nearly $320 million.
News of the Wormhole Protocol hack broke on February 3, when members of the crypto community alerted their peers on social media about the leak of a significant amount of ETH from the network bridge.
A few hours later, the platform confirmed that an attack had taken place and that the Ethereum-Solana cross-chain bridge had been exploited by malicious actors.
“The Wormhole network was mined for 120,000 wETH,” reads the protocol’s Twitter account. The company added that “ETH will be added over the next few hours to ensure wETH is backed at 1:1,” but it did not explain where these additional funds would come from.
According to Wormhole, the critical vulnerability that caused this hack has now been patched.
Wormhole bets on a whitehat approach to hackers
Following this hack, Wormhole made efforts to track down the person responsible. In a message recorded on the Ethereum blockchain, the project offered a multi-million dollar bug bounty reward for the safe return of funds.
“We noticed that you were able to exploit Solana’s VAA verification and mint tokens. We would like to offer you a whitehat deal, and offer you a bug bounty of $10 million for the details of the exploit as well as the return of the wETH you hit,” it said.
If the hacker turns out to be open to working as a whitehat, which refers to hackers who work to find flaws and bugs in protocols in exchange for bounties, Wormhole asked him to contact his team at address [email protected]
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