Jump Trading bails out Wormhole, replaces $320M stolen in hack

The parent company of the DeFi project Wormhole, Jump Trading, has come to rescue the project after it was hit by a $320 million hack, potentially making it the second-largest hack in DeFi history.

Jump Crypto, the cryptocurrency arm of Jump Trading, tweeted Thursday that it has replaced the 120,000 wETH, or Wrapped Ether, stolen by the hacker on February 2. The loot was worth $321 million at the time of the hack. Jump Crypto tweeted:

“@JumpCryptoHQ believes in a multichain future and that @WormholeCrypto is essential infrastructure. That’s why we replaced 120k ETH to make community members whole and support Wormhole now as it continues to develop.”

Jump Trading acquired the development company of Wormhole, Certus One, in August last year. Wormhole is a Solana-based DeFi development platform that functions as a cross-bridge for various blockchains, including Ethereum, Solana, Terra, and others.

On Wednesday, a hacker found a vulnerability in Wormhole’s system and exploited the network with enough funds to result in large-scale damage. Afterward, the attacker shifted all the funds, except about 40,000 wETH, to the Ethereum blockchain.

https://t.co/RiuJlP4CiK

— Wormhole (@wormholecrypto) February 2, 2022

At the time of the heist, Wormhole reported that it would replace the funds to “ensure wETH is backed 1:1”. However, it was unclear how or where the funds would come from, until now.

Wormhole team has tweeted that it is currently working on a detailed report of the incident.

The post Jump Trading bails out Wormhole, replaces $320M stolen in hack appeared first on Our Bitcoin News.