Crypto NewsCrypto ResearchUncategorized

Wormhole Hack – It May Not Be a Bad Thing

Wormhole got hacked and lost $321 million in the recent hacking incident. Wormhole is a cross-chain message-passing protocol that connects Solana, Ethereum, Terra, and Binance Smart Chain.

TL;DR

Wormhole got hacked. Solana got its first hacking incident. It is an opportunity for Solana to improve its security.

Hacking

The hacker was able to mint 120K Wormhole-wrapped Ether on Solana. They then bridged 93,750 of these tokens to Ethereum and withdrew the unwrapped Ether. 

Vulnerability

The signature verification is a vulnerable point to let attackers insert commends and false messages so that they can bypass Wormhole’s verify_signatures function to fool the code and successfully withdraw Ethers from the network.

Solana Security Hole

Solana has a security vulnerability that needs to be fixed. It helps the blockchain to improve but at the same time makes Solana worth hacking.

Cross-Chain Vulnerability

Running cross-chain is always a risky business. It tests all cross-chain platform security and its own security. Hackers love to challenge such platforms and to find a loophole to take massive funds away.

In Conclusion

Hacking will never stop until the blockchain has improved to become unhackable.

Check out my another article Licensed NFT vs. IP Law

Follow me here

Related posts
Crypto Research

Modern Economic Nonsense — Inclusive blockchain

Crypto Research

Modern Economic Nonsense — Banks are seeking shelter in cryptocurrencies

Crypto Research

Modern Economic Nonsense — Web3 continues building despite the bear market

Crypto Research

Modern Economic Nonsense — Payment apps move away from the fiat currency

Sign up for our Newsletter and
stay informed

Leave a Reply

Your email address will not be published.