spot_img

Jump Trading Supplants Stolen Wormhole Funds After Hack

Share post:

Jump Trading’s cryptocurrency arm recently announced the restoration of more than $320 million on the cryptocurrency platform Wormhole after the decentralized financial side suffered one of the largest crypto heists of all time.

Jump Crypto said in a tweet that it had decided to replace the stolen money “to make community members whole and support Wormhole now as it continues to develop.”

Wormhole, an online platform that enables information to be transferred over crypto-networks, announced that it had been “exploited” for 120,000 digital tokens connected to ether, the second-largest cryptocurrency.

This is the latest incident to hit the fast-growing but largely unregulated DeFi sector. DeFi platforms allow users to lend, borrow, and save cryptocurrency while bypassing traditional finance channels such as banks.

London-based blockchain analysis firm Elliptic said hackers were able to fraudulently create the wETH tokens, 94,000 of which were transferred to the ethereum blockchain, which processes transactions for ether.

Elliptic also said that Wormhole had offered the hackers a $10 million “bounty” to return the money, according to messages embedded in ether transactions sent to the hackers’ digital address.

For more information, read the original story in Reuters.

spot_img

SUBSCRIBE NOW

Related articles

Nvidia’s CTO says cryptocurrency is “useless” for society

Nvidia has declared that cryptocurrencies offer "nothing useful for society", despite its powerful processors selling in vast quantities...

Crypto winter presents difficulties for Bitcoin ATM operators

The cryptocurrency market has been experiencing a significant downturn, also known as "crypto winter," and operators of bitcoin...

New FTX CEO plans to revive bankrupt FTX

The bankrupt cryptocurrency exchange FTX is considering resuming operations, according to Chief Executive Officer John Ray. Mr. Ray stated...

Chainalysis says ransomware payments reduced by 40% in 2022

According to a new report by blockchain forensics firm Chainalysis, ransomware payments are down 40.58% as more victims...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways