Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6894890952444522496
#DeFi Project Known as #Wormhole Hit With a Potential $320 Million #Hack: #Protocol serves as link between #Solana and other #DeFi #networks: Project offers $10 million to #hacker to return the #funds: “This demonstrates once again that the #security of DeFi services has not reached a level that is appropriate for the huge sums being stored within them… The #transparency of the #blockchain is allowing #attackers to identify and #exploit major #bugs.” Wormhole, a #communication #bridge between Solana and other #decentralized-#finance #blockchain #networks, said #hackers stole about $320 million in cryptocurrency. The online thieves made away with 120,000 #wETH, or so-called #wrappedEther, the project’s team said on Twitter. They pledged to add #Ether over the next several hours to ensure the wETH is backed one-for-one and get the #network back up. The post didn’t elaborate on where they would get the Ether. The #vulnerability has been patched, they said in a follow-up post. The hack is likely one of the largest thefts from a #DeFi #protocol, which bill themselves as allowing users to bypass traditional intermediaries to borrow and lend digital assets. Wormhole hack adds to a slew of problems for Solana, the blockchain that brags lower transaction fees than main rival #Ethereum. Last fall, Solana was down for 17 hours after attacks by #trading #software #bots. Bots also degraded the #network’s #performance recently.
