Wormhole said on Twitter on Wednesday that it had “used” 120,000 units of a version of Ether, the world’s second-largest cryptocurrency.
Crypto Platform Wormhole: Hackers stole $ 320 million (Rs 2,400 crore) of cryptocurrency from a decentralized financial platform, the fourth largest robbery of crypto. This is a big push for the rapidly emerging defense sector. Wormhole said on Twitter on Wednesday that it had “used” 120,000 units of a version of the world’s second-largest cryptocurrency ether. A wormhole is a site that allows data to be transferred from one crypto network to another.
Wormhole has not yet responded to a Reuters request.
The attackers forged tokens
The London-based blockchain analysis firm Elliptic said the attackers were able to forge about 94,000 WETH tokens, which were later transferred to the Ethereum blockchain. Ethereum blockchain enables transactions for ether.
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How the DeFi platform works
Wormhole said in another tweet on Thursday that it had fixed the problem with its system, but was still working to get network backups. DeFi platforms allegedly allow users to generally lend, borrow and save in cryptocurrencies while bypassing various traditional channels of money, such as banks.
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Defects in the DeFi platform have surfaced
The huge cash flow at DeFi sites reflects the growing interest in cryptocurrencies. Many investors are attracted to DeFi with the promise of higher returns on savings However, with the huge growth, the DeFi platform has faced huge hacking risks due to code and design errors. Also DeFi sites target criminals.
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These are the biggest thefts
In August last year, hackers stole more than $ 61 million worth of digital coins from the blockchain-based platform Poly Network. This is considered to be the biggest theft of crypto.
Earlier in 2018, $ 53 million in digital tokens were stolen from the Tokyo-based platform Coincheck. In 2014, another Japanese exchange was destroyed after $ 500 million worth of crypto was stolen.