Jump Crypto Bails Out Wormhole Network with 120K ETH Following $322M Hack

Jump Crypto-backed Wormhole has $1 billion in total value locked and currently has 7 chain integrations.

Jump Crypto, a venture capital that is heavily invested in the blockchain industry, announced that it has bailed out one of its partners, Wormhole Network, following a $322 million system hack. According to the firm, it replaced the 120k ETH that was stolen earlier to support the Wormhole community. Moreover, Wormhole is a critical infrastructure for connecting between different blockchains networks.

Notably, Jump Crypto is a Chicago-based firm that acquired Certus One, the developer behind Wormhole. Other notable blockchain firms supported by Jump Crypto include AMP, Bitso, BTSE, Chiliz, BYBIT, Coinhako, Solana, Terra, Voyager, OX among others.

According to the company’s official website, it is building toward the next frontier in crypto infrastructure. Jump Crypto has been in existence for the past six years and backed crypto projects through their development phases.

Jump Crypto Saves Wormhole Network

Wormhole is a decentralized network that powers cross-chain communication among high-value blockchains. Different blockchains have unique qualities that make them valuable, thus the essence of cross-chain communication.

However, flawed designs have been exploited by attackers leading to huge losses. In a bid to recover the swapped digital assets by the attacker, Wormhole issued a $10 million bug bounty.

“This is the Wormhole Deployer: We noticed you were able to exploit the Solana VAA verification and mint tokens. We’d like to offer you a whitehat agreement, and present you a bug bounty of $10 million for exploit details, and returning the wETH you’ve minted. You can reach out to us at [email protected],” the firm wrote in a blockchain message.

However, the attacker’s Solana address still had the swapped digital assets amount to 432,661.15 SOL worth approximately $45,611,139.04.

The attacker is yet to respond, but, should the case unfold similar to that of Poly Network, perhaps Wormhole could get the stolen assets back. However, the fate of the stolen funds currently remains at the hands of the attacker who is yet to be identified.

Jump Crypto-backed Wormhole has $1 billion in total value locked and currently has 7 chain integrations.

Wormhole users have greatly appreciated Jump Crypto for its show of generosity at a time when DeFi apps exploits are leaving users devastated. The DeFi ecosystem remains highly unregulated, thus the rising cases of system attacks. Recently, Qubit’s QBridge protocol lost $80 million in a high profile attack.

Altcoin News, Cryptocurrency news, News

Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”