Solana’s Wormhole cross-chain bridge hacked for $325 million USD

The Solana’s Wormhole cross-chain bridge hacked, with a loss of 325 million USD. This is the most serious DeFi attack so far in 2022.

On the morning of February 3, the crypto community was shocked by the news that Wormhole – a cross-chain project connecting Solana with Ethereum, Binance Smart Chain, Polygon, Avalanche, Oasis, and Terra – was hacked, leading to a hacker attack. up to a loss of up to 120,000 wETH. At the time of the incident, this amount of Wrapped Ethereum is worth more than 325 million USD.

Solana’s Wormhole cross-chain bridge hacked for $325 million

This information was confirmed by Wormhole on the project’s Twitter page, and confirmed that it will add wETH to ensure a 1:1 margin, meaning the project must somehow earn 120,000 ETH. It remains unclear how Wormhole will raise that huge amount of money.

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.

Wormhole vulnerability has been exploited by attackers on Solana. Specifically, he is said to have “tricked” Wormhole’s validator to receive the right to issue 120,000 wETH on Solana, then withdraw this amount to convert to ETH on Ethereum and convert to other tokens on Solana .

It is not yet clear if the Wormhole bridge to other blockchains has this same bug, but auditing firm Certik said “it is possible that the vulnerability also appears on Terra”. Wormhole has so far not made any further confirmation about the incident.

A few hours later, the project announced that it had successfully patched the vulnerability and was trying to restart the system.

The vulnerability has been patched after a few hours later

In addition, an address associated with Wormhole sent a message to the attacker, promising to pay a reward of $ 10 million if the hacker refunded the money.

According to DeFi experts, the attack, despite the large amount of money lost, did not have much impact on the DeFi protocols on Solana, because most of the ETH on Solana is converted through the FTX exchange.

With the above “terrible” damage, Wormhole has not only become the most serious DeFi hack so far in 2022, but also the second largest DeFi attack incident in history, only after the record 611. million USD of Poly Network in August 2021, which is also a cross-chain project.

Solana's Wormhole cross-chain bridge hacked for $325 million USD 1
List of the most damaging DeFi attacks in history. Source: Rekt.news

In recent months, the cryptocurrency attacks have not shown any signs of abating. Not only hacked exchanges like BitMart ($200 million), AscendEx ($78 million), Crypto.com ($33 million), DeFi platforms are increasingly becoming a “prey” for hackers, possibly Currently through attacks on Cream Finance ($117 million), Badger DAO ($120 million), Vulcan Forged ($145 million) and the latest QuBit Finance ($80 million) in January 2022.

Notably, the Wormhole attack took place less than a month after Ethereum founder Vitalik Buterin warned about the risks of cross-chain projects, even taking the right example of a bridge between Ethereum – Solana was hacked, resulting in wETH on Solana no longer having ETH to back it up.