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Home » Wormhole Bridge Exploit – How Oasis and Jump Crypto Recovered $140M

Wormhole Bridge Exploit – How Oasis and Jump Crypto Recovered $140M

James by James
February 25, 2023
in Altcoin News
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Wormhole Bridge Exploit
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Table Of Content:

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  • Counter Exploit Launched
  • Court Order
  • Community Reaction

Wormhole Bridge Exploit: In what is being hailed as a landmark moment for the decentralized finance ecosystem, Oasis and Jump Crypto successfully retrieved $140 million worth of assets following a court-ordered counter-exploit. The exploit was launched against the Solana-based Wormhole Bridge in what was one of the largest heists in crypto history.

Counter Exploit Launched

The counter exploit was conducted jointly by Oasis, a decentralized finance platform, and Jump Crypto, a Web3 infrastructure company and Wormhole’s parent company. The vulnerability was patched, and all the lost funds had been replaced by Jump Crypto. The counter exploit was only possible with the approval of the Oasis Multisig.

Court Order

Fast forward to 21st February, Oasis received an order from the High Court of England and Wales to take all necessary steps to retrieve assets involved with the wallet address associated with the exploit. The move allowed the team to quickly fix any vulnerability and protect user assets in the event of any potential attack.

Community Reaction

Despite the retrieval, the community remained divided. One user pointed out that the entire event sets a bad precedent in the decentralized finance ecosystem. However, Oasis stressed that the sole intention for granting access was to protect user assets and fix any vulnerability. At no point have user assets been at risk of being accessed by any unauthorized party.

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Out of town for the weekend & trying to minimize socials, but have to say w/r/t this Oasis/Wormhole counter exploit that I really didn’t think we’d see court mandated smart contract manipulation for at least a few more years. Bad precedent and a condemnation of upgradable proxies

— Collins Belton (@collins_belton) February 24, 2023

The successful counter-exploit and retrieval of stolen assets show that there is hope in the fight against malicious entities in the crypto space. The move by Oasis and Jump Crypto to work together to protect user assets and fix vulnerabilities is a positive step towards making the decentralized finance ecosystem safer for all.

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James

James

James is a 33-year-old cryptocurrency enthusiast who has been involved in the industry since 2017. He has always been a keen follower of the crypto space and has experience in trading and mining cryptocurrencies. Since then, James has also written numerous articles on the subject and is passionate about sharing his knowledge and insights with others.

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