The Airdrop Twist: Hacker from $320 Million Wormhole Bridge Exploit Eligible for $50,000
A recent development in the crypto space revealed that the hacker responsible for the massive $320 million Wormhole bridge exploit in 2022 was potentially eligible for a $50,000 airdrop of W tokens, a newly released token by Wormhole.
The Hacker’s Eligibility
- An investigation by Pland, a cyber sleuth, uncovered that some wallet addresses involved in the Wormhole exploit were initially overlooked during the exclusion process for the airdrop.
- Information from the Solana-based airdrop checker Airdrop.link, as highlighted by Degen News, identified 4 addresses linked to the Wormhole attack that were temporarily eligible for the airdrop.
- The hacker could have received approximately 31,642 W tokens worth $50,000 based on current market prices.
The Clarification
- However, further investigation revealed that the specific wallet addresses associated with the hacker did not meet the criteria for the airdrop, prompting the Wormhole team to rectify the issue promptly and prevent any unauthorized claims.
- This incident sheds light on the importance of stringent security measures and thorough verification processes in the crypto space to mitigate potential risks and safeguard user funds.
The Biggest Crypto Theft of 2022
In a significant blow to the cross-chain space, the Wormhole protocol suffered a devastating exploit in 2022, resulting in the loss of 120k wETH tokens valued at $321 million.
The hackers capitalized on the Wormhole Bridge vulnerability to drain funds, converting wETH tokens into Ethereum, Solana SOL, USDC, APE, and SX, marking one of the largest DeFi fund thefts of the year.
Countermeasures were taken by Jump Crypto and Oasis.app DeFi platform to combat the exploit and successfully recovered a substantial $225 million, emphasizing the importance of proactive security measures in the crypto industry.
The Impressive Airdrop by Wormhole
- Wormhole made headlines with a massive airdrop of 675 million W tokens valued at around $850 million, providing a lucrative opportunity for over 400,000 eligible wallets across various compatible chains.
- The W token experienced dynamic price fluctuations during its launch, peaking at $1.66 before stabilizing at its current price of $0.98, showcasing a 27% decrease.
- CoinGecko reported that W’s market capitalization surged to nearly $3 billion initially before settling around $2.4 billion, reflecting the token’s popularity and market demand.
Ensuring Security and Regulation in the Crypto Sector
The incidents surrounding the Wormhole exploit and subsequent airdrop underscore the evolving nature of the crypto industry and the necessity for enhanced security measures and regulatory frameworks to protect user interests and uphold trust within the ecosystem.
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