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Over $ 320 Million Cryptocurrencies Stolen in Wormhole Hack

Wormhole, a site that allows information to be transferred from one crypto network to another, says it was “abused” in 120,000 units of the version of Ethereum, the second largest cryptocurrency.

Such attacks have long plagued crypto platforms. Hackers repeatedly target them and carry out robbery. (Reuters)

Hackers have stolen more than $ 320 million worth of cryptocurrencies from decentralized financial platforms. This is the fourth-largest crypto robbery on record and the latest to shake the fast-growing DeFi sector.

Wormhole, a site that allows information to be transferred from one crypto network to another, was “abused” on Wednesday by 120,000 units of a version of ether, the second largest cryptocurrency. Said.

Wormhole did not immediately respond to Reuters’ request for comment.

London-based blockchain analytics firm Elliptic said an attacker could fraudulently create wETH tokens, of which nearly 94,000 would later be transferred to the Ethereum blockchain to enhance Ethereum transactions. ..

Wormhole said in another tweet earlier Thursday that it fixed a system vulnerability but is still working to restore the network.

read more: North Korean hackers “stolen” $ 400 million worth of cryptocurrencies last year

Major hacking risks

The so-called DeFi platform allows users to lend, borrow and store in cryptocurrencies, usually bypassing traditional financial gatekeepers such as banks.

Cash has been poured into the DeFi site, reflecting the outburst of interest in cryptocurrencies as a whole. Historically, many investors facing low or sub-zero interest rates have been attracted to DeFi by their promise of a high rate of return on savings.

However, with its rapid growth, the DeFi platform has emerged as a major hacking risk, with code bugs and design flaws that allow criminals to target DeFi sites and liquid pools to generate criminal proceeds. It can be laundered, but it leaves little trace.

Fraud and theft on the DeFi platform exceeded $ 10 billion last year, and research revealed on Thursday the risks in the fast-growing but largely unregulated cryptocurrency space.

In August, the hacker behind perhaps the biggest digital coin robbery in history returned almost everything over $ 610 million stolen from the DeFi site PolyNetwork.

Hack has long plagued crypto platforms. In 2018, about $ 530 million worth of digital tokens were stolen from Tokyo-based platform Coincheck.

Another Japanese exchange, Mt. Gox, collapsed in 2014 after hackers stole $ 500 million in cryptocurrencies.

read more:
Central Bank of Russia proposes crypto ban, citing “serious threat”

Source: Reuters

https://www.trtworld.com/business/cryptocurrency-worth-over-320m-stolen-in-wormhole-hack-54364?utm_source=other&utm_medium=rss Over $ 320 Million Cryptocurrencies Stolen in Wormhole Hack

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