The fourth-largest crypto theft in history may have taken place last night. More than $320 million has been taken from Wormhole, a cryptocurrency platform after it was hacked. Acknowledging the hack, Wormhole has since modified the security flaw in its server which enabled cybercriminals to nab roughly 120,000 wETH.
$10 Million Reward
The hacker who retrieved 120,000 Weths from the Solana blockchain transferred 93,750 of them to the Ethereum blockchain. Because of this incident, it shows that the platform has a weakness. Certus One, the entity in charge of Wormhole’s operation, paid the price.
The company has offered 10 million dollars for the hacker to demonstrate how they got into the database and steal their cryptocurrency. They also ask for the return of the bitcoin to the site in exchange for the offered reward. The problem has since been resolved and Wormhole’s platform has returned to normal functioning.
All funds have been restored and Wormhole is back up.
We're deeply grateful for your support and thank you for your patience.
— Wormhole🌪 (@wormholecrypto) February 3, 2022
It is important to note that Wormhole must preserve a 1:1 balance between its tokens and that of the blockchains with which it is exchanging. Otherwise, moving funds between the two may result in a loss for the investor. That implies that when a malicious actor takes large amounts of wETH, Wormhole is essentially stealing from a bank account.
So How Did They Steal It? 🐱👤
The “complete_wrapped” instruction was basically faked by the cybercriminals, utilizing the inputs ‘ctx’, ‘accs’, and ‘data’. As a result, Wormhole’s system was led to believe that the money was being held in a smart contract on the target blockchain, which in this case was Solana.
After the fraudulent data was transmitted, the minting of the wrapped coins was released despite the spoofed commands. Activating the “invoked seeded inst” was the final action, which signed the “mint” command and handed the hackers 120,000 wETH.
Feel free to share your thoughts in the comments below. For more content, stay with us, here at Spiel Times.
Make sure you also subscribe to our push-notifications and never miss an update from the world of video games. Follow us on Twitter @spieltimes for the latest PS5 restock and drop. Until next time, Stay Safe and Happy Gaming!