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Tag: qubit finance

Part 1: Bridging the Blockchain: A Deep Dive into Cross-Chain Hacks and Failures

Read Time: 5 minutes Exploring the hacks that lead to million-dollar losses. Cross-chain bridges don’t need an introduction. They have been used for a while...

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Jump Crypto Replaces $320 Million in Ethereum Taken From Wormhole Exploit

Jump Crypto Replaces $320 Million in Ethereum Taken From Wormhole ExploitOn 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 Loses $320M in Second-Largest DeFi Hack Ever

Wormhole Loses $320M in Second-Largest DeFi Hack Ever

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.

Wormhole Network’s Cross-Chain Bridge Exploited for Over $250 Million in Ethereum

Wormhole Network's Cross-Chain Bridge Exploited for Over $250 Million in EthereumReports 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 […]

CoinShares Data Shows Ethereum Sentiment Is Negative

February 1, 2022       /       Unchained Daily       /       Laura Shin Daily Bits ✍️✍️✍️ A US law that would enforce KYC rules on unhosted[...]

The post CoinShares Data Shows Ethereum Sentiment Is Negative appeared first on Unchained Podcast.

Everyone, Including Bieber, Is Buying NFTs

January 31, 2022       /       Unchained Daily       /       Laura Shin Daily Bits ✍️✍️✍️ A US law that would enforce KYC rules on unhosted[...]

The post Everyone, Including Bieber, Is Buying NFTs appeared first on Unchained Podcast.

Ethereum Crypto Bridge Got Hacked Out Of $80 Million

An Ethereum crypto bridge Qubit Finance got hacked out of $80 million, becoming the biggest attack this year as we can see in our latest cryptocurrency news today. An exploit in the decentralized protocol Qubit Finance enabled one hacker to get away with $80 million in stolen crypto a day ago. The smart contract flaw […]

DeFi Protocol Qubit Finance Hacked, Lost $80 Million

Qubit Finance, a Binance Smart Chain-based decentralized finance (DeFi) protocol, was recently attacked, resulting in the theft of more than $80 million worth of cryptocurrencies, the team behind t...

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