Wormhole Hacker Steals $10M
The Ethereum bridge to other blockchains like Solana (SOL) and Wormhole was hacked for $320 million.
Before Axie Infinity (AXS) was hacked for $625 million in March, this was the worst crypto attack.
Wormhole's bug bounty program began revealing its findings on Friday. "White hat" hackers may earn up to $10 million by reporting and preventing "black hat" hackers from using a vulnerability to attack or manipulate Wormhole.
Indeed, it went down: A white-hat hacker discovered a bug in Wormhole's smart contract upgrading procedure two weeks after the reward campaign started.
A defect in a smart contract might necessitate an update, which some argue negates the entire point of adopting them in the first place. There, the white hat discovered a "self-destruct flaw" that may be used to steal user cash.
A $10 million prize was his compensation.
Immunefi, the bug-bounty platform Wormhole uses, found that,
"Wormhole is sending a clear message with this payout to the best, most talented white-hats on the planet that they'll be well taken care of if they responsibly disclose security vulnerabilities to Wormhole. Everyone wins in this arrangement, especially Wormhole's users."
Venture finance is funding Wormhole's expansion to Algorand (ALGO), much like the other firms described previously, and it's doing it with the help of Jump Crypto.
CoinDesk revealed last week that this would be Wormhole's eleventh blockchain connection.
That the bridge provider is putting money into security and expansion is heartening. To survive in this new digital world, we need to be prepared for anything.