Wormhole hack causes around $320m in stolen cryptocurrency

Blockchain bridge Wormhole has confirmed that around $320m worth of cryptocurrency has been stolen following a hack earlier this week.

Wormhole is a bridge that connects a range of different blockchains include Binance Smart Chain, Avalanche, Ethereum, Solona and Terry, with a key feature being that it allows users to bridge wrapped assets between the blockchains.

According to Security Week, the attacker apparently used an exploit that has since been patched to mint 120,000 wrapped Ethereum on the Solana blockchain, much of which was then transferred to the Ethereum blockchain. The 120,000 wETH was worth around $320m at the time of the attack.

Developers of Wormhole has offered the attacker a $10m bug bounty through a ‘whitehat agreement’ if they return the stolen cryptocurrency.

The blockchain bridge has promised to share a detailed incident report and said that it had restored all funds – most likely from its own coffers and the network.

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