Wormhole Bridge Records 2022’s Largest DeFi Hack Loss Yet!💰
Hashing Bits | Week-5
Events Under the Spotlight
Blockchain bridge Wormhole loses nearly $320M in apparent crypto hack
Wormhole bridge, an interoperability protocol, was hacked for 120,000 wETH worth $320M.
The hacker exploited the vulnerability in the smart contract and minted new tokens.
The Wormhole network was taken down to patch the vulnerability.
The hacker holds $42.69M and $248M in the Solana and Ethereum wallets.
Samczsun, a white-hat hacker, later released an event postmortem.
The Wormhole hack is labelled as the second-largest DeFi hack and Solana’s biggest hack to date.
The Heart Project Official Discord Hacked
The Heart Project’s, an NFT project on OpenSea, Discord server was hacked.
The scammers took over the server to post a scam NFT mint link in a multi-person coordinated attack.
Few users clicked the link and lost their ETH tokens.
The team announced that the affected users would be distributed ETH tokens as hack compensation.
A Flaw in the Bored Ape Club NFTs
BurnableLabs pointed out serious issues with Bored Ape Club NFTs.
Bored Apes are meant to be a limited-edition collection of 10,000 apes NFTs.
Going through the code logic, it was found that the owners can mint more NFTs at any given time without paying the gas fees on the Ethereum network.
The aftermath of a decentralized protocol’s price fall
Abracadabra.Money is a DeFi lending platform that has two tokens.
SPELL Tokenis the native token, whileMIMa USD-pegged stablecoin is devised to give out loans to users.DeFi platforms, including Abracadabra. Money, Wonderland, and Popsicle Finance come under a collective of blockchain projects called “Frog Nation,” led by developer Daniele Sestagalli.
In late January, tokens linked to Frog Nation witnessed a selloff after it was reported that the treasury manager of DeFi project Wonderland was allegedly Michael Patryn.
Patryn is an alleged former convict and co-founder of the now-defunct and fraudulent Canada-based crypto exchange QuadrigaCX.
The issue caught up the heat on Twitter from the community as the team member tried defending the accused.
As a result of the sensational news, Abracadabra’s SPELL token price fell sharply.
The team member used Tornado Cash to route funds anonymously through the Ethereum network.
DataDAO Finance rug pulled investors
DataDAO Finance contained a backdoor code in the smart contract and rug pulled investors.
To the Numerophiles out there 🔢
IOC launches Beijing Olympics-themed mobile game with NFTs.
More From the Editor’s Desk
Rug Pull Scams accounted for 36 percent of the $7.7-billion worth of cryptocurrency taken from victims across the globe in 2021.
The biggest rug pull scams include the Turkish crypto exchange THODEX, taking roughly US $2.6 billion, the most notable one from 2021 was the hit Korean Netflix drama Squid Game token rug pull, where developers made off with an estimated $3.38 million in funds.
Check out how you can stand safe from rising Rug pull scams👇.
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