The “Warmhole network” has faced a massive cyber attack of $320 million. The company has acknowledged this event on its Twitter handle, stating that the hackers managed to steal a staggering 120K wETH (Wrapped Ether).
The company is well-known for its crypto bridge networks, which connects the Ethereum and Solana blockchains.This is not the first attack on cross-chain networks, because last year the Poly Network was attacked by an alleged hacker, draining roughly $600 million in crypto.
This is another hack in the DeFi industry showing the vulnerability of the cross-chain DeFi bridges. According to the official announcement by Warmhole Network:
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🌪 (@wormholecrypto) February 2, 2022
Warmhole pulled down the network for maintenance shortly after the attack. Warmhole’s latest update says that the vulnerability has been addressed. Some market participants also mentioned a transaction of 80,000 ETH from a Warmhole address to an address holding $250 million in ETH. Following the report, Ether (ETH) is down 5%, while Solana is down more than 12%.
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