The Wormhole token bridge experienced a security exploit today, resulting in the loss of 120,000 wETH tokens from the platform.
Wormhole is a token bridge that allows users to send and receive crypto between Ethereum, Solana, BSC, Polygon, Avalanche, Oasis, and Terra without the use of a centralized exchange . This is the largest crypto hack of 2022 so far and the second largest DeFi hack to date. The Wormhole team has offered a $10M bug bounty for the return of the funds.
The hack took place on the Solana side of the bridge and there are fears Wormhole’s bridge to Terra could be similarly vulnerable.supply would be replenished to “ensure wETH is backed 1:1,” but there is no word yet on where those funds will come from or when.ETH will be added over the next hours to ensure wETH is backed 1:1. More details to come shortly.
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This was meant to happen. Vitalik warned about it way before.
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