$250m was stolen from Wormhole, a web3 protocol that allows cross-chain transfers

Wormhole lets you transfer value and information across blockchains.

Breaking down the $250m loot

  1. A flaw on the Solana side allowed the hacker to mint 120k worth of wEth.
  2. wEth is wrapped Ethereum. It helps bridge Ethereum to Solana on wormhole.
  3. The attacker sold 80k on Ethereum and the remaining 40k on Solana.

What happens now?

To close

I write about web3 and product management.

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Krishna Nandakumar

Krishna Nandakumar

I write about web3 and product management.

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