Sticky Crypto Hack

Hackathon gone wrong $300M+ (120k wETH) exploited from Solana blockchain

  • 3 February 2022
  • 2 replies
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Hackathon gone wrong $300M+ (120k wETH) exploited from Solana blockchain
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  • Sr. Security Analyst & Community Manager
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 https://twitter.com/wormholecrypto/status/1489001949881978883

This is the statement from the wormhole network that runs on Solana blockchain

The wormhole network was exploited for 120k wETH. ETH will be added over the next hours to ensure wETH is backed 1:1. More details to come shortly. We are working to get the network back up quickly. Thanks for your patience.

 

Here is vitalik literally explaining how this attack might happen. This was less than a month ago. Someone has now done it

Source CoinTelegraph

https://cointelegraph.com/news/vitalik-buterin-gives-thumbs-down-to-cross-chain-applications

 

This is lots of money lost but apparently the exchange (FTX presumably) will be cutting into their profits to refund the balance to make sure no one’s ETH are lost and are backed 1:1

 

The memes are fire

 

Apparently they’re asking for a “whitehat agreement” where they let the hacker keep $10Million in and disclose the exploit.

 

 

Interesting deal we’ll see if the hacker takes it

 

 

This also happens to be the very FIRST DAY of the Solana’s Blockchain Hackathon called Riptide - They certainty got the RIP

https://solana.com/hackathon

The hackathon is over

 

Memes are fire on this too

 

 

Here is the ETH side of the transaction at just over $216 Million

 

So the Wormhole network is down and Solana is trending on twitter. 

 

Stay safe out there in the Wild Wild West that is crypto

 


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Userlevel 7
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Another day in crypto. Hopefully these exchanges continue to improve their security so that hacks like this are less easy in the future!

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