Jump Crypto, the crypto venture capital firm that owns Certus One, the developer of the Wormhole token bridge, has announced that it has deposited 120,000 ETH into its Solana-Ethereum bridge that was severely damaged the day before by a fraudulent hacker. The lab generates 120,000 wETH worth $321 million on the Solana platform (SOL), then exchanges it for 93,750 ETH on the Ethereum network, and the rest to other altcoins on the Solana network.
The cross-chain ETH-wETH should have an exchange ratio of 1:1, so unauthorized minting of wETH leads to significant inflation. This can quickly weaken trust in the bridge, which after the recent “funding” by Jump Crypto and patching the vulnerabilities, things seem to return to normal according to the Wormhole developers. Tweet :
“All funds have been restored and Wormhole is back, ETH contracts have been filled. And it’s all supported in a 1:1 way.”
Many users rushed to social media to thank Jump Crypto for the move. For example, user @terrysoh87 said, “Thank you very much. I know VCs are often hated. But in times like this, everyone hopes that VC will help save the world WAGMI. [We are all going to make it]”
But there is still a noticeable problem: the location of “hacked funds” as these tokens are minted by fraud and still exist in the ecosystem. This raises concerns about the usability of “hacked” ETH tokens as they are laundered into “clean” ETH. temporary inflation
The post Wormhole, $320M worth of hacked money back to normal, appeared first on Bitcoin Addict.