Security News > 2022 > February > Wormhole Crypto Platform: ‘Funds Are Safe’ After $314M Heist

Wormhole - a web-based blockchain "Bridge" that enables users to convert cryptocurrencies - said on Thursday that "All funds are safe" after attackers abused a vulnerability to shake it down for 120,000 Ethereum.

The popular bridge, which connects Ethereum, the Solana blockchain and more, has reportedly been trying to negotiate on-chain with the attacker since Wednesday's attack.

In a postmortem shared with Threatpost on Thursday, blockchain security and smart-auditing company CertiK said that its preliminary analysis indicates that "The attacker exploited a mint function on the Solana side of the Wormhole bridge to create 120,000 wETH for themselves, then used these minted tokens to claim ETH that was held on the Ethereum side of the bridge."

Its total on the heist differs a bit from that of Wormhole: CertiK's analysis showed that the attacker got away with 93,750 ETH, 432,662 SOL and 4.14 million in USD Coin, for a total of $302,495,717.

1/2. All funds have been restored and Wormhole is back up.

"We saw another cross-chain bridge exploited less than a week ago, when Qubit Finance lost $80 million," Gu pointed out, referring to an attack confirmed by the DeFi protocol Qubit Finance on Friday.

News URL

https://threatpost.com/wormhole-crypto-funds-safe-heist/178189/