Hackers have exploited a vulnerability in the Wormhole cross-chain crypto platform to the tune of $326 million in cryptocurrency.
Wormhole is a platform enabling users to transfer cryptocurrency across different blockchains. It locks the original token in a smart contract and mints a wrapped version of the stored token that is trans.
Avalanche, Oasis, Binance Smart Chain, Ethereum, Polygon, Solana, and Terra blockchains are all supported by the platform.
Wormhole announced yesterday that they shut down their platform to investigate an exploit on their network, later confirming that a hacker stole 120k wrapped Ethereum (wEth). They then added Ethereum to their platform to ensure all wETh is properly backed.
Elliptic, a blockchain analytics company reported that a Wormhole representative sent a message to the Hacker’s address offering a $10 million bug bounty.
The agreement requires the return of all stolen funds and details on the vulnerability and the exploit that was used.
It is unknown if the hacker has replied to the message or willing to work with Wormhole to recover the assets.