The 2nd Biggest Hack in DeFi History: These Altcoins Have Been Stolen!

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Hackers stole at least 120,000 ETH from the Ethereum-Solana bridge protocol Wormhole. This marks the 2nd biggest hack in history for DeFi. The first was the hack attack on Poly Network in August 2021. In the attack, the leading altcoin was stolen from ETH.

Blockchain bridge protocol Wormhole suffered an attack that resulted in the theft of at least 120,000 ETH.

This amount is worth 322 million dollars; Earlier estimates put the value of the attack at $256 million.

Wormhole is trying to contact the attacker and has offered a $10 million reward if the funds are returned.

According to various reports, an attacker exploited the bridge protocol Wormhole for $322 million in ETH.

DeFi protocol Wormhole hacked: This altcoin has been stolen!

Wormhole has set the value of the attack at 120,000 ETH, which is $322,952,400 at current prices. Initial reports put the value of the attack at 80,000 ETH. Later, Steven Zheng of The Block stated that the amount stolen was “much more than 80,000 leading altcoin ETH,” while an article on this site estimated the value of the attack at 93,750 ETH, or $256 million.

These small estimates do not appear to account for stolen funds held as wrapped ETH (wETH) on Solana. Regardless, the amount of money stolen in the attack makes it one of the largest DeFi attacks in recent history. Other major attacks include a $611 million attack on Poly Network last August. Cream Finance and BadgerDAO also suffered more than $120 million in theft in 2021.

No official statement yet! What’s going on?

Wormhole’s official Twitter account did not provide a detailed description of the attack, but stated that the network was “down for maintenance as it saw a potential exploit.” Elsewhere, Wormhole developers attempted to contact the attacker via a Blockchain message. The team members struck a “white hat deal” and offered the attacker $10 million to expose their exploitation strategy and return the stolen funds. This message also says that the attacker was able to issue new tokens by leveraging the verification of Wormhole’s Solana VAA.

Wormhole is a protocol that acts as a bridge between various blockchains, primarily Ethereum and Solana. It allows users to move funds between these blockchains quickly and easily. Meanwhile, Ethereum co-founder Vitalik Buterin warned of the shortcomings of cross-chain bridges in early January, noting the security risks inherent in such protocols.