$320 Million worth of Cryptocurrency stolen by Hackers

This hacker attacked Wormwhole, a reference platform, to switch from one blockchain to another. The booty amounts to 324 million dollars.

Blockchains secure every transaction by recording the history of exchanges in blocks. This data is encrypted and distributed on an essentially uncontrolled decentralized network. Cryptocurrencies are therefore only one of the possible applications. And they are countless, shows us Gilles Babinet, a specialist in the digital economy.

It is one of the largest cryptocurrency heists and the second largest robbery of a DeFi service. The hacker thus stole more than $324 million in cryptocurrency from DeFi, Wormhole. DeFi is a type of platform whose acronym is the contraction of the words Finance and Decentralized. Based on the blockchain, it offers an alternative monetary system to the existing financial industry.

The platform ensures the transfer of cryptocurrencies between different blockchain networks. It was Wormhole who said in a series of tweets Wednesday afternoon that hackers got their hands on 120,000 Weths (Wrapped ETH), a variant of Ethereum.

A heist totaling nearly $324 million that immediately resulted in Wormholes systems being taken offline for maintenance. A Bonus for the Hacker The hacker who pulled those 120,000 Weths off the Solana blockchain converted 93,750 by transferring them to the Ethereum blockchain.

Since this theft appears to be due to a bug in the platform, Certus One, which manages Wormhole’s development, offered the pirate a bonus. This bug bounty amounts to $10 million if the hackers decide to reveal how they managed to break into the system and steal the cryptocurrency.

In return, they also demand the return of the cryptocurrency to the platform. Since that suggestion, Wormhole has managed to patch the vulnerability and get its platform back up and running.

$320 Million worth of Cryptocurrency stolen by Hackers

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