Wormhole, the blockchain bridge for cryptocurrencies, had confirmed on Wednesday that hackers stole more than $324 million in cryptocurrency.
A wormhole is a platform that provides a bridge/connection that enables the transfer of cryptos between different decentralized blockchain networks. In a series of tweets, the company said that the hackers stole 120,000 wETH (Wrapped Ethereum). Their worth was $324 million at that time's exchange rate. After the hacking, the company took the website down for maintenance
It is the latest and one of the largest attacks on the exponentially growing DeFi (Decentralised finance). DeFi is based on secure distributed ledgers which are based on blockchain. It removes the middlemen/institutions that control the money i.e. no involvement of banks or other institutions.
In another tweet, last evening, Wormhole informed that all the funds have been restored. The platform went back online as well. The wormhole has also offered a $10 million bounty to the attacker to return the funds.
DeFi platforms offer higher returns than conventional banks, so investors have been attracted to them. But the flaws in the platforms and bugs have made them an easy target for criminals.
Last year has caused a loss of $10 billion due to theft from DeFi platforms. Poly Network, another DeFi site, lost $610 million in the biggest ever digital coin heist. But developers are working to counter these theft attempts. So, we need to wait and watch how it will go on.
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