Jump Crypto Replaced the Loss of 120,000 ETH in Wormhole Exploit

Jump Crypto said that 120,000 ETH had been transferred to its cross-chain bridge Wormhole, on Friday, after a US$325 million exploit left wrapped Ether (wETH) in the Solana ecosystem unbacked. The hacker was able to mint 120,000 wETH by exploiting Solana’s verification system and then transferred at least 93,750 ETH from Wormhole’s smart contract to the Ethereum ecosystem. The current wETH floating in Solana’s decentralized finance (DeFi) ecosystem would have remained unbacked without the Wormhole parent company’s intervention to restore the missing money. Wormhole’s cross-chain bridge allows users to lock current assets in other blockchains as collateral in Solana’s ecosystem. A wormhole has since patched the vulnerability and offered the hacker a $10 million white hack agreement in exchange for returning the cash and disclosing the exploit’s data, but the remaining 93,750 ETH in the perpetrator’s wallet address suggests that no agreement has been reached. According to statistics from Mango Markets, a decentralized trading platform on Solana, wETH on Solana fell nearly $200 below its Ethereum counterpart in the Ethereum blockchain but has now re-established its peg. According to blockchain analytics firm Elliptic, this is the fourth-largest crypto hack of all time and the second-largest in DeFi.The post Jump Crypto Replaced the Loss of 120,000 ETH in Wormhole Exploit appeared first on Cryptoknowmics-Crypto News and Media Platform.