Blockchain security firm BlockSec has debunked a conspiracy theory alleging the $160 million Wintermute hack was an inside job, noting that the evidence used...

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.Beanstalk has launched a last-ditch effort to recoup the 77 million USD lost in April’s flashloan exploit. Barn Raise kicks off with a 500% “interest...

The Wormhole exploit shined the spotlight on a number of things in the crypto industry as users scrambled for answers. Solana, Ethereum, DeFi, cross-chain protocols, and Solana’s proof-of-history consensus mechanism, all came under intense scrutiny. Now, with Wormhole releasing its incident report, there are more voices chiming in. Time for pest control The incident report […]

The Solana price has been on an upswing ever since the bloodbath that followed DeFi’s largest hack of 2022. The Wormhole network stated that stolen money had been restored, giving Solana price some much-needed relief. Related Reading | Solana price recovers from downtrend after $325 million restored on Wormhole network After hours of being lost to what some call the largest DeFi hack, the crypto was restored. Jump Crypto’s currency-focused arm worked in tandem with other Quant trading firms, and together, they were able to restore all funds that hackers had stolen from investors last week. Jump Crypto stated; “we believes in a multichain future and that Wormhole is essential infrastructure. That’s why we replaced 120k ETH to make community members whole and support Wormhole now as it continues to develop.” The firm’s decision to replace 120,000 Ether in support of community members on the Wormhole network revealed that hackers failed to refabricate stolen cryptocurrencies. Yesterday’s exploit compromised $325 million worth of Ether, and the Wormhole network offered a 10-million dollar bounty for information on who did it. Unfortunately, the hacker still has access to these funds, meaning they have rejected the offer. Related Reading | Wormhole Token Bridge Lost $321M In Crypto Heist Solana Price Recovery From Bloodbath The price of Solana dropped nearly 10% after news broke about the Wormhole exploit. The largest DeFi hack on Solana acted as a negative factor for this altcoin, heavily influenced by lousy publicity.  A cryptocurrency analyst and trader widely followed for his accurate price predictions by investors of all sizes across the board, Johny noticed that Solana might be ready to make its next move up. Further, he noted an upward pattern developing within range lows before Ethereum killer could start its leg straight back down again. “$SOL beautiful retest of range lows. Flip range highs and next leg upstarts. Haven’t seen this much strength from Solana in what feels like forever.” Bitcoin’s fall to the $36,250 level triggered a dip for major altcoins. While most coins were red on Thursday, Solana also dipped nearly 10%. The larger market experienced a dip as well due to bitcoin’s movements. What a difference a day makes! Solana dipped more than most of its counterparts in the top ten cryptocurrencies by market cap, but it charted an equally good recovery at press time. After an attack on Wormhole, SOL dipped to as low as $94 on February 3. However, the price saw some recovery and even managed a decent pump before long. The price of Solana is rising once again. As I’m writing these words, the currency had traded at $108 and presented 11.7% daily and 18.75% weekly gains. With trade volumes still maintaining low, some say that the spot markets are still too uncertain about investing in, but a decent price push could change investors’ mood for good. Featured image from Pixabay, chart from TradingView.com  

Earlier on Wednesday, February 2, DeFi bridge protocol Warmhole announced that the platform was hacked as hackers managed to steal a staggering 120 wETH worth $320 million. Warmhole is a DeFi blockchain bridge between Ethereum and Solana allowing users to swap SOL for other cryptocurrencies. However, the firm’s leaders have said that they have restored

The post DeFi Bridge Warmhole Restores $320 Million Worth of Stolen Funds, Here’s What Unfloded appeared first on CoinGape.

On February 2, 2022, the Wormhole Network’s ethereum ↔ solana bridge was exploited for 120,000 WETH (wrapped ethereum) worth $320 million and the following day, the team explained that “all funds have been restored and Wormhole is back up.” The team has also said a “detailed incident report” will be published soon. Wormhole Network Returns, […]

Wormhole, a popular cross-chain bridge between Solana and other DeFi-based blockchain networks has been hacked for about 120,000 wETH (wrapped Ether) worth $320 million, making it the second-largest DeFi hack to date. On Wednesday, the team behind the project officially confirmed that the bridge is currently down while the team investigates a potential exploit. In a follow-up tweet, Wormhole confirmed that the vulnerability was patched and were working to get the network up and running again. The vulnerability has been patched. We are working to get the network back up as soon as possible. — Wormhole🌪 (@wormholecrypto) February 3, 2022 The attack approximately took place at 6:24pm UTC on Feb. 2 where the hacker minted 120,000 wETH (WETH) on Solana, then redeemed 93,750 WETH for ETH worth $254 million onto the Ethereum network at 6:28 pm UTC. Since then, the hacker has used some funds to buy SportX (SX), Meta Capital (MCAP), Finally Usable Crypto Karma (FUCK), and Bored Ape Yacht Club Token (APE). The remaining WETH was swapped for SOL and USDC on Solana. Currently, the attacker’s Solana wallet holds 432,662 SOL worth $44 million. Wormhole Offers $10M Bug Bounty to Hackers Wormhole is a DeFi protocol that allows users to bridge assets across Terra, Solana, Ethereum, Binance Smart Chain, Avalanche and Polygon without the use of a centralized exchange (CEX). When a user transfers assets from one blockchain to another, the DeFi platform locks the transaction and mints a wrapped version of the token to its final chain. About an hour after the exploit, Wormhole offered the hacker a $10 million bug bounty in an on-chain message in return for the funds: “We noticed you were able to exploit the Solana VAA verification and mint tokens. We’d like to offer you a whitehat agreement, and present you a bug bounty of $10 million for exploit details, and returning the wETH you’ve minted.” This is the second smart contract exploit after hackers made off with $80 million from decentralized finance protocol Qubit Finance last week.

The post Wormhole Loses $320M in Second-Largest DeFi Hack Ever appeared first on Cryptoknowmics-Crypto News and Media Platform.

Reports indicate that the Wormhole Network’s ethereum ↔ solana bi-directional bridge has been exploited by an attacker for 93,750 ether or more than $250 million using today’s ethereum exchange rates. The developers behind the Wormhole Network have told the public the network is “down for maintenance,” as the team “looks into a potential exploit.” Wormhole […]

Qubit Finance suffered a loss of 206,809 BNB due to a hack. The hackers intend to create a big amount ...

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The Singapore-based company, Crypto.com, has hired the former TechChurch and The Ken reporter, Jon Russell as their Asian-based general partner. And with this new development, they hope to expand Fund further. Crypto.com’s $200 million Web 3 fund came into existence in March 2012. As of Monday, intending to expand via the venture arm of investing in Series A stages, project at seed and crypto startups, has grown expectedly. Russell, during an interview, made known that the fund is believed to rise to double its current size and will be announced in a few days. Crypto.com is still hiring GP’s, but with the help of Russell, the fund’s acknowledgment will extend to that Asia-based project. Though Bobby Bao, Crypto.com co-founder, currently runs the fund. Things To Know About Jon Russell Jon Russell is a Uk citizen based in Bangkok. He has lived in Thailand since 2008. In 2014 Jon Russell became a reporter for TechChurch focused on all tech-related issues in Asia. Especially all the major names in India, China, and Southeast Asia. Related article | Sports NFT Marketplace Lympo Suffers An $18.7 Million Hack With this, he changed the daily life of people across Asia. And his knowledge and influence in the tech and crypto field are precisely one of the reasons Crypto.com has hired him as one of their General partners in Asia. Crypto.com Expansion in Asia The Capital prior investment of Crypto.com comprises liquidity provider Woo Network and the first fractional-algorithmic stablecoin protocol Frax Finance. VCs to allocate stock to the ecosystem regardless of the bear market. This leaves Sino Global Capital opening to outside investors through a $200 million fund and FTX ascertaining a $2 billion investment. On June 17, 2021, Crypto.com was integrated into the biggest and most effective digital asset transfer network for institutions, Fireblocks Network. And this helper, Crypto.com, reaches about 400+ institutional participants in their network, thereby helping them grow trading volume and global level. In addition, one of the largest banks in the Singapore region, DBS Bank, is now operating a crypto trading desk. And recently, a majority stake in Thai cryptocurrency exchange Bitkub was amassed by Siam Commercial Bank (SCB), Thailand’s bank. Innovation Officer Mukaya Tai and SCB 10x Chief Venture have proclaimed that she foresees world DeFi protocols have interposed banks. Huge institutional yearning for digital assets is quickly growing in Asia. Related article | Largest DeFi Hack Yet? BadgerDAO Hack Results In Loss Of $120M+ Crypto has earned about 2 million transactions and USD 1 billion in TVL and spotlighting projects like VVS Finance and a couple of others. Moreover, Crypto.com motivated developers to build on Cronos via the Cronos Bounty Programme. It will grant USD 1,337,133.7 as the biggest reward and a Hackathon. Featured Image From Twitter