On Wednesday, February 2, Wormhole – a bridge network between Solana, Ethereum, and other top DeFi chains reported the second-biggest hack in DeFi history, as $320 million was wiped from the network.
The Wormhole Team took to Twitter (NYSE:TWTR) to explain that the hacker, using a vulnerability identified on January 13, 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 in the Hack
With the hack threatening the entire Solana DeFi ecosystem, the parent company of Wormhole, Jump Trading, has stepped in to provide a refund of the $320 (in ETH) stolen during the hack.
In the announcement, Jump Trading explained that it believes in a multichain future, and Wormhole will be an essential infrastructure. Additionally, the crypto VC firm announced it had replaced the $320 million stolen in ETH.
After completely patching the network from the attack, Wormhole confirmed the replacement of funds, further stating its bridge network is now operational. Wormhole tweeted;
1/2All 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 contacted the hacker and offered $10 million in exchange for information on the perpetrator.
Why You Should Care
In addition to users getting back their funds, Solana-based platforms that accept ETH through Wormhole can now move funds back as the bridge is now operational.
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