crypto platform

A popular crypto platform, Wormhole Portal confirmed itself as the latest victim of a cyber attack, which has costed the company $322 million worth of Ether. The company addressed the issue on Twitter while switching on the “maintenance mode” on its official website. According to Wormhole’s most recent Twitter update, posted on Thursday, February 3, the vulnerability has been patched up.


Crypto Platform Wormhole Loses Millions of Ether Coins in a Cyber Attack 


The crypto platform, Wormhole portal enables people to switch from one digital currency to another with Ethereum-based smart contracts. The platform transforms the input cryptocurrency into a temporary internal token and then converts it into the user’s preferred output cryptocurrency. Such outlets are also named “blockchain bridges”.


The unknown hacker is considered to have deceived the Wormhole network into discharging a significant amount of Ether and Solana coins for small input. Exact details on the enactment of this cyber attack remain unknown for now. Meanwhile, the compromised crypto platform Wormhole is trying to convince the hacker to return the stolen funds. 


Qubit Finance Also Lost 206,809 Binance Coins in a Hack


The firm has extended an offer of $10 million for the same. This is the second cyber attack on a blockchain bridge in two weeks. Last week, Qubit Finance lost $80 million after hackers breached its networks. In its incident report, Qubit Finance stated that the attacker was able to rob 206,809 Binance coins using a vulnerability in one of its Ethereum blockchain contracts.


The hacked platform has also reached out to the unidentified exploiter via Twitter, requesting for a refund of the stolen capital in exchange for a negotiable compensation. In 2021, the centralized components of the Decentralised Finance (DeFi) protocol were breached by cybercriminals, amounting to more than $1.3 billion in losses, a report by blockchain research firm CertiK had disclosed.


Read more: Indian Government Passes the Bill on Cryptocurrency With 30% Tax on Income


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