Exploited Vulnerability Leads to $452 Million Dollar Theft

Summary:

According to the itnes.com.au a decentralized finance bridging portal Wormhole lost 120,000 Ethereum (the most used cryptocurrency) tokens worth US $322 million dollars (and $452million AU).

“Wormhole has acknowledged the attack, which appears to have been executed by getting the DeFi portal to mint more Ethereum coins than the input provided in the cryptocurrency bridging process.”

            There is now a bounty of US$10million offered by Wormhole on one condition, that the hackers return the “wrapped” Ethereum coins/tokens. This is a huge blow for Ethereum users as this is a trusted transfer system to allow users to transfer different cryptocurrencies between blockchain distributed data bases. Cryptocurrency anti-money laundering company Elliptic estimated that this is the fourth largest virtual money heist so far. The first being in August of last year when over $600million in cryptocurrency was taken from PolyNetwork. Luckily at Mi-Token we stay informed on all of the latest hackings so that our users stay aware and knowledgeable about where they can put their trust and how they can keep clear of hackers. Cryptocurrencies can always be a tricky business and for those who decide to take the plunge the risks involved are like this situation, detrimental.