Cryptocurrency firm Wormhole is the latest victim of a cyber-heist, with attackers making off with 120,000 Ethereum tokens valued at over $320 million. The company, known for its cross-blockchain bridge that facilitates the transfer of assets between different blockchains, announced that its network was down as it investigated a potential exploit.
After confirming the theft, Wormhole reassured users that it would be adding more Ethereum to its platform to maintain a 1:1 backing of assets. This move was aimed at protecting Solana users and platforms that rely on Wormhole’s services. Security researcher “samczsun” detailed the exploit on Twitter, revealing that the hacker took advantage of a vulnerability on the platform to mint new wrapped Ethereum (wETH) without depositing any in return.
Similar to a recent incident involving Qubit Finance, Wormhole has offered a $10 million reward to the attacker for finding the bug and returning the stolen wETH. The cyber-heist marks the largest theft of cryptocurrency this year and the biggest targeting cross-blockchain bridges.
In response to the breach, Wormhole has patched the vulnerability and is working to restore its network. The company’s swift action in addressing the exploit and offering a bug bounty demonstrates its commitment to securing its platform and protecting user assets. As the cryptocurrency industry continues to attract cybercriminals, firms like Wormhole must remain vigilant in safeguarding their systems against exploitation.