Jump Trading Covers $322M Lost in Wormhole Exploit

Jump Trading Covers $322M Lost in Wormhole Exploit

Key Takeaways

Jump Trading has replenished Wormhole’s $322 million loss in last night’s attack.
Last night’s attack was one of the largest crypto hacks in the history of the space.
Some details surrounding the attack and its fallout have emerged, though Wormhole has yet to publish a thorough incident report.

Share this article

Jump Trading has provided Wormhole with funds to cover the $322 million exploit it suffered last night. The hacker’s new fortune remains in their wallet, though. 

Wormhole Bridge Usable Again

Jump Trading, parent company of Wormhole, has put up the funds to cover losses incurred in the bridge protocol’s significant exploit last night.

Wormhole tweeted today that it planned to publish a detailed incident report and gave a rough timeline of important events—the 120,000 ETH exploit occurred at 18:26 UTC yesterday; the patch was implemented at 00:33 UTC; Jump replenished the contract with 120,000 ETH today at 13:08 UTC; finally, the protocol reopened by 13:29 UTC.


Jump Trading, the parent company of Wormhole, is a high-frequency, proprietary trading firm with investments in prominent projects like Solana, Terra, Amp, and Voyager. It has a long reputation of being a fairly secretive firm.

A little over 30 minutes after the exploit, Twitter user “smartcontracts” detailed how the hack occurred in a long thread. In essence, the attacker was able to effectively fake the signatures of the so-called “guardians” that sign off on bridge transfers. Whitehat hacker “samczsun” offers a more detailed account here.

Wormhole has offered last night’s attacker a $10 million whitehat agreement for returning the funds and detailing his attacking methodology, but so far has not been taken up on the offer. 

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Vitalik Buterin Skeptical of Cross-Chain Bridges

Ethereum co-founder and developer Vitalik Buterin tweeted a link to a Reddit post today in which he discussed his belief in a multi-chain future, but expressed doubt concerning cross-chain ecosystems….

Buterin Would Be “Fine” With Polkadot Borrowing Ethereum…

Many tech companies jealously guard their inventions, but there are few secrets in the blockchain space. Vitalik Buterin says he would be “fine” for Polkadot (DOT) or other rival blockchains…

What is a Crypto Airdrop: Why Projects Airdrop Crypto

Crypto airdrops occur when new tokens are freely distributed to different wallets in order to drive initial growth and build a community. They represent a popular marketing tactic that new projects use to spread…

Solana Suffers Dip Following $322M Wormhole Hack

Solana has taken a hit following last night’s a $322 million hack on its Wormhole bridge. SOL has dipped amid uncertainty about the backing of wETH on the bridge. Wormhole…

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Pin It on Pinterest