Popular Blockchain Bridge “Wormhole” falls victim to a Hack worth Millions

February 4, 2022

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One of the most outstanding cross-blockchain bridges, Wormhole fell victim to a hack worth over $326 million in the afternoon of Wednesday. The official Twitter handle of the project tweeted “Portal is Temporarily Unavailable.” After this, the prominent enclosed platform that connects Ethereum, Solana and other blockchain platforms is concerned about negotiating with the cyberpunk. A transaction of 80,000 Ether (ETH) was made to an account with a balance of more than $250 million worth of (ETH).

The Wormhole board extended to the exploited and offered a white hat agreement and a bug bounty of $10 million for exploit details, demanding to return the minted ETH. The consequences for Solana lending markets and other platforms are not yet clear if the Wormhole issued ETH cannot be reestablished to the mainline of Ethereum or not. The exploit has boosted a buzzer in DeFi groups as the bridged ETH to Solana may not be retrieved.

The Solana DeFi platform said that if there is no one to fetch the money back then it is gone forever making the Wormhole ETH zero and anyone who holds a balance of it also becomes ineffective. Wormhole assured that the toll of 12,000 ETH will be strengthened to the bridge to support the wrapped ETH on Solana.

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