Wormhole’s Parent Company, Jump Trading, Replaces the $320 Million Lost to Hack

On Wednesday, February 2nd, Wormhole, a bridge network between Solana, Ethereum, and other top DeFi chains, reported becoming the victims of the second largest hack in DeFi history, as $320 million was wiped from the network.

The Wormhole team took to Twitter to explain that the hacker, taking advantage of a vulnerability initially identified on January 13th, had fraudulently minted 120,000 ETH, moving 80,000 ETH to the main chain, while keeping 40,000 wETH on Solana.

Jump Trading Replaces the $320 Million Stolen

With the hack threatening the entire Solana DeFi ecosystem, Wormhole’s parent company, Jump Trading, has stepped in to provide an injection of the $320 million worth of ETH stolen during the hack.

In the announcement, Jump Trading explained that it believes in a multichain future, and Wormhole will be essential to its infrastructure. The crypto VC firm further announced that it had replenished the $320 million stolen in ETH.

After completely patching the network following the attack, Wormhole confirmed the replacement of funds, further stating that its bridge network is now operational. Wormhole tweeted;

Jump Trading, a crypto venture capital and propriety trading firm with over $150 million in Assets Under Management (AUM), purchased the developer of Wormhole, Certus One, in August 2021.

On the Flipside

  • The Wormhole team has also attempted to reach out to the hacker, offering $10 million in exchange for the stolen funds.

Why You Should Care

In addition to the platform’s users retrieving their funds, Solana-based platforms that accept ETH through Wormhole can now move funds back, as the bridge is once again operational.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

    Author
    Milko Trajcevski

    Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia