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Jump Trading Supplants Stolen Wormhole Funds After Hack

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.

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