$325 million missing one of the largest cryptocurrency thefts threatens the company with bankruptcy

(ORDO NEWS) — The Wormhole network announced that it was the victim of a hacker program, as a result of which $325 million worth of cryptocurrency was stolen from the company’s servers.

It seems that the exchange will have to say goodbye to the stolen cryptocurrency forever. Just like that, 300 million dollars have sunk into oblivion

First, a little about irony. Wormhole is translated from English as “wormhole” – in astrophysics it is one of the theoretical types of black holes that can be a means of moving from one part of the Universe to another.

As Captain Vrungel said, “whatever you call a boat, so it will float” – the Wormhole network lost millions of dollars in a black hole of its own security system. And now a little about how and why this happened.

In the world of decentralized finance, a cross-chain aggregation protocol (also called a “bridge”) is built to provide “interoperability” between separate DeFi blockchain networks and (presumably) allows tokens to be transferred securely from one chain to another.

Anyway, that’s how it should work. But in the case of Wormhole, an exploit allowed an unknown attacker to steal 120,000 wETH from the network’s servers (the equivalent, at the time of the theft, of approximately $325 million).

The exact description of what happened from a technical point of view is rather boring, but suffice it to say that such a loss left many crypto investors with nothing.

After the hack understandably caused mass hysteria on Twitter, the platform did its best to reassure users, but their concerns understandably persisted as Wormhole occupies a significant space in DeFi, representing the main highway between the Solana ecosystem and other decentralized networks for asset exchange.


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