Wormhole, a communication bridge between Solana and other major decentralized finance (DeFi) networks has recently been a victim of a security exploit on February 2nd of 2022 which resulted in a loss of 120,000 Wrapped Ether (wETH) tokens on the platform worth $321 million; the third largest crypto hack attack in 2022.

In recent revelations, the hacker has shifted 95,630 ETH to the Open Ocean decentralized exchange (DEX) to then convert the tokens to ETH-linked assets. The crypto community also unveiled that the Wormhole hacker executed several odd transactions in his recent move, such as utilizing stETH holdings to borrow $13 million of DAI.

The team behind the Wormhole project has offered the hacker a bounty of $10 million to return the funds to the platform. The attack is gaining more attention from the crypto scene, and blockchain security firms are sharing precautionary measures to users so as to not be fall victim of Wormhole-related phishing operations.

Sources:

https://cointelegraph.com/news/wormhole-token-bridge-loses-321m-in-largest-hack-so-far-in-2022

https://cointelegraph.com/news/wormhole-hacker-moves-155m-in-biggest-shift-of-stolen-funds-in-months

https://fortune.com/crypto/2022/12/30/5-biggest-crypto-hacks-2022/

https://solana.com/wormhole