The creators of Oasis took use of a flaw in the multi-signature admin access mechanism that had previously been identified by an unidentified white hat hacker in order to recover the assets that had been compromised by Wormhole. The statement claims that all monies were moved to a wallet that was “managed by an approved third party” in conformity with the court’s ruling.
Oasis stressed that the purpose of the aforementioned approach was to safeguard consumers’ valuables against harmful assaults. The project team may also use it to swiftly repair flaws in the codebase.
The Money has been Transferred to Jump Crypto
Blockworks Research claims that the money that was seized was given to Jump Crypto, the venture capital firm that is responsible for Wormhole. Jump also provided money the previous year to make up for the decrease in cross-chain bridge users. After paying off the loan, assets worth roughly $140 million were reportedly moved to Jump Crypto wallets.
The experts described how the address linked to the Wormhole attack deposited money into the Maker Protocol using the Oasis platform before borrowing the DAI stablecoin. In response to this, MakerDAO clarified that they have no influence over the service providers who grant customers access to Maker vaults. The “official smart contracts” of the platform itself, however, are independent of outside organizations.
Solana Network was Linked to other Blockchains via Wormhole
The Solana network was linked to other well-known blockchains, including Ethereum, via the Wormhole Bridge. The overall loss as a result of the attack on Wormhole was $325 million. Remember that the year 2022 saw the most cyber attempts on the bitcoin sector, according to the analytical firm Chainalysis. Crypto companies lost a total of $3.8 billion from all these attacks.
It seems like these cyber attacks have gained strength, but it is unclear exactly why or when these attacks gained momentum.
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