A hacker stole $323 million in ETH from cross-chain protocol Wormhole

An attacker has allegedly exploited Wormhole, a bridge between the Ethereum and Solana blockchains, for about $323 million in ETH, according to a sequence of Etherscan transactions.

$323 million in ETH stolen from cross-chain protocol Wormhole
Wormhole network | Image: Optimisus

Wormhole is a bridging technology that allows assets to be transferred between different blockchain technologies.

When a user moves assets from one chain to another, the bridge encrypts the money and mints a wrapped version on the destination chain.

The attacker's method of executing the hack is unknown, but it resulted in the theft of 120k wETH, which is worth around $323 million at current pricing.

The theft of 93,000 ETH is detailed in Etherscan transaction records. This is one of the most significant decentralized finance protocol attacks to date.

Wormhole announced on Twitter that the platform would be unavailable for maintenance while it investigated the attack, and that it would send updates via Twitter.

It later provided an update, stating that the platform had been exploited for 120k wETH and promising more information.

Meanwhile, the platform announced that it would contribute more ETH within the following few hours to ensure that wETH is backed 1:1.

In a tweet, it stated, "We are striving to bring the network back up as soon as possible."

An address linked to the Wormhole deployer sent an on-chain message offering the attacker a whitehat agreement with a $10 million bug bounty in exchange for the specifics of the exploit and the wETH generated in the attack.