On Wednesday, February 2nd, Wormhole, a bridge network between Solana, Ethereum, and other top DeFi chains, reported becoming the victims of the second largest hack in DeFi history, as $320 million was wiped from the network.
The Wormhole team took to Twitter to explain that the hacker, taking advantage of a vulnerability initially identified on January 13th, had fraudulently minted 120,000 ETH, moving 80,000 ETH to the main chain, while keeping 40,000 wETH on Solana.
Jump Trading Replaces the $320 Million Stolen
With the hack threatening the entire Solana DeFi ecosystem, Wormhole’s parent company, Jump Trading, has stepped in to provide an injection of the $320 million worth of ETH stolen during the hack.
In the announcement, Jump Trading explained that it believes in a multichain future, and Wormhole will be essential to its infrastructure. The crypto VC firm further announced that it had replenished the $320 million stolen in ETH.
After completely patching the network following the attack, Wormhole confirmed the replacement of funds, further stating that its bridge network is now operational. Wormhole tweeted;
1/2
All funds have been restored and Wormhole is back up.
We’re deeply grateful for your support and thank you for your patience.
— Wormhole
(@wormholecrypto) February 3, 2022
Jump Trading, a crypto venture capital and propriety trading firm with over $150 million in Assets Under Management (AUM), purchased the developer of Wormhole, Certus One, in August 2021.
On the Flipside
- The Wormhole team has also attempted to reach out to the hacker, offering $10 million in exchange for the stolen funds.
Why You Should Care
In addition to the platform’s users retrieving their funds, Solana-based platforms that accept ETH through Wormhole can now move funds back, as the bridge is once again operational.
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