Crypto analysis firm Certik picked up a signal that indicated funds movement from a wallet account belonging to the hacker behind the Wormhole attack in 2022.
The hacker moved about $155 million Ethereum from the wallet to a decentralized exchange. The Wormhole exploit in 2022 saw the hacker drain $320 million from the firm.
Movement of the Stolen Funds
According to reports, the hacker capitalized on a vulnerability in the Solana-Ethereum bridge which he maximized to move these funds.
This bridge is a tool that enables transfers of assets between the Solana and Ethereum network.
The hacker utilized the Ethereum staking platform, Lido Finance, using wrapped staked Ether as collateral to purchase over $7000 ETH.
The Wormhole team made a new offer to this hacker to persuade him to return back the stolen funds he took from the firm.
The team has since taken steps to address the issue of vulnerability in their system and prevent further unauthorized transactions.
They have also contacted exchanges and other platforms that may have been affected by the exploit in order to assist with the recovery of any stolen funds.
Also read:Vigilance and Security in The Space
The incident screams the importance of constant vigilance and security measures in the blockchain space, because even the most secure systems have vulnerabilities that can be exploited by hackers.
It also highlights the potential risks of using decentralized bridges and the need for robust security protocols to be in place.
This exploit is very significant owing to the massive amount of funds drained from the firm and the dangerous impact it may have on the Ethereum network.
The incident also raised concerns about the security of other decentralized bridges and the possibility for similar exploits to occur in the future.
It is paramount for users to be aware of the risks associated with this space and take cautionary steps to protect their assets, such as using a hardware wallet to store their crypto currencies.
It is also recommended to be cautious when participating in decentralized finance (DeFi) protocols, which have been increasingly targeted by hackers in recent months.
The team is doing all in their power to prevent a future occurrence of this hack, and also working on strengthening their security, and rectifying vulnerabilities in their systems.
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