Sunday, June 23, 2024

In the greatest attack in 2022, the Wormhole token bridge loses $321 million.

With the growing fame, the crypto market has garnered enough attention from people around the world. A lot of investors keep an eye on the market to know what kind of profit it is bringing in, and not just investors. Some hackers also keep an eye on the blockchain market.

Recently, the token bridge between Solana and Ethereum has witnessed how 120,000 ETH has been withdrawn from the platform and apportioned among the Ethereum and Solana’s wallets. This incident took place on Wednesday when The Wormhole token bridge saw security abuse in the system, which resulted in a huge loss of 120,000 ETH tokens with a worth of $321 million.

Wormhole works as a token bridge via which the users can receive and send cryptocurrencies between Solana, Polygon, Avalanche, Ethereum, Binance Smart Chain (BSC), Oasis, and Terra. All this without using the centralized exchange. This is so far the biggest crypto hack in 2022 and the second highest decentralized finance hack to this day. The team of Wormhole has put forward a $10 million reward to the hackers to return the funds.

This big hack went down on Solana’s side of the bridge and there is a rising fear that the bridge to Terra could go through the same in the future. The Wormhole team has given reassurance to the community that the Ethereum (ETH) supply will be able to be restored to make sure ETH is backed 1:1. However, there is not yet comment on how this fund will be arranged.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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