The Wormhole Network hacked for over 300 million USD

Discussion in 'Crypto Assets' started by mlawson71, Feb 3, 2022.

  1. mlawson71

    mlawson71

    According to initial reports, attackers exploiting deficiencies in the Wormhole Network’s Ethereum – Solana bi-directional bridge apparently stole some 93,750 Ether. At the current prices that makes about 250 million US dollars. However, according to other sources some 120,000 ETH were syphoned, which ups the damages to 320 million US dollars.

    Earlier the Wormhole Network tweeted that they were down for now, but other as it turned out, the damage was already done. Wormhole later comfirmed that. The network previously claimed that they have 1 billion US dollars in TVL.

    This attacked would be one of the largest DeFI crypto thefts so far, but unfortunately it is also one of many.

    Unfortunately, it seems like we are seeing more and worse crypto hacks than ever these days.
     
    johnarb likes this.
  2. RedDuke

    RedDuke

    Every ether transaction can be tracked. Granted you might not know who is behind a wallet, but the moment it hits any exchange where it can be redeemed for cash, it should be game over, right ?:sneaky:
     
  3. Trader Curt

    Trader Curt

    Wrong, once the Ether is transferred to a privacy coin it is then untraceable.
     
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  4. RedDuke

    RedDuke

    can you please elaborate. I knew Monero is one, but how can ether transaction be private if they all show up in ether scan?
     
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  5. johnarb

    johnarb

    That's a huge amount but if they are not in a hurry, they can probably start trading on dexes for other coins and bridge to other chains and trade again using dexes

    Take their time, maybe a few million here wait a week or so a few million there

    Here's a good privacy option on Ethereum but who knows if it's a honey-pot run by govt agencies, lol

    https://app.tornado.cash/
     
    Trader Curt likes this.
  6. Sprout

    Sprout

     
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  7. RedDuke

    RedDuke

    But isn't every ether transactions shows up on ether scan and can be traced, no matter how many take place. Even if swapped for other tokens/NFTs those leave trace too???
     
  8. It's interesting that they always refer to defi malfunctions as a "hack". The blockchain didn't fail. Someone just figured out something about the contract that was overlooked in its design and it operated in a way that was not intended.
     
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  9. Sprout

    Sprout

    It's a smart contract that breaks the link from the source address to the destination address. ie you can deposit from one address and withdraw from a completely different address.
     
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  10. Trader Curt

    Trader Curt

    This is why privacy tokens are illegal in the U.S., because they actually work
     
    #10     Feb 3, 2022
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