Wormhole restores hacked $300M through VC funding in largest ever DeFi bailout
The decentralized finance space experienced its first major setback of the year on 3 February when over $321 million in Ether were stolen from the cross-chain network Wormhole. While it was not the first multi-million DeFi hack this year, it was definitely the largest in this short time, and the second-largest ever.
The hackers had managed to mint 120,000 wrapped Ether (wETH) on Solana, after which they redeemed 93,750 wETH for ETH on the Ethereum network. The rest was swapped for other small-cap altcoins on Solana’s platform.
After promising to bring back the lost tokens, the Wormhole team has now revealed that the lost funds have been restored. And, the platform is operational again. It was also mentioned that all of the users’ funds have also been secured. Although, it will not be redeemable until further notice.
It turns out, the 120,000 ETH has been replaced by Jump Crypto, which is a crypto venture company owning Certus One, the developer of the Wormhole token bridge.
<p lang=«en» dir=«ltr» xml:lang=«en»>.@JumpCryptoHQ believes in a multichain future and that @WormholeCrypto is essential infrastructure. That’s why we replaced 120k ETH to make community members whole and support Wormhole now as it continues to develop.— Jump Crypto
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