Hackers Steal Around $320M+ from Crypto Firm Wormhole

A threat actor abused a vulnerability in the Wormhole cryptocurrency platform to steal $322 million worth of Ether currency. 

Wormhole Portal, a web-based application—also known as a blockchain “bridge”—that enables users to change one type of bitcoin into another, was the target of the attack earlier. Bridge portals transform an input cryptocurrency into a temporary internal token, which they then turn into the user’s preferred output cryptocurrency using “smart contracts” on the Ethereum blockchain. 

The attacker is suspected to have taken advantage of this method to deceive the Wormhole project into releasing significantly more Ether (ETH) and Solana (SOL) tokens than they originally provided. The attacker allegedly stole crypto-assets worth $322.8 million at the time of the attack, according to reports. As per reports, the attacker acquired crypto-assets worth $322.8 million at the time of the incident, which have since depreciated to $294 million due to price swings since the breach became public. 

While a Wormhole official is yet to respond to a request for comment on today’s incident. The firm verified the incident on Twitter and put its site on maintenance while it investigates. The Wormhole attack is part of a recent pattern of abusing [blockchain] bridges, according to Tal Be’ery, CTO of bitcoin wallet app ZenGo who informed The Record about the Wormhole Attack. 

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