DeFi project known as Wormhole hit with a potential $320m hack

‘…security of DeFi services has not reached a level that is appropriate for the huge sums being stored within them’ – Tom Robinson of Elliptic.
Image: Jaap Arriens/NurPhoto/Getty Images
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 wrapped Ether, 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.

“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,” said Tom Robinson, co-founder of blockchain analysis firm Elliptic. “The transparency of the blockchain is allowing attackers to identify and exploit major bugs.”

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.

About 96,000 of the wETH tokens have been sent to the Ethereum blockchain, according to another forensics provider, TRM Labs.

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