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Hacker Attack on Ethereum’s Wormhole Results in Recovery of Stolen Funds

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It is reported that 120000 ETHs stolen by Wormhole last year due to hacker attacks have been recovered by Jump Crypto three days ago. Jump Crypto, in cooperati…

Hacker Attack on Ethereums Wormhole Results in Recovery of Stolen Funds

It is reported that 120000 ETHs stolen by Wormhole last year due to hacker attacks have been recovered by Jump Crypto three days ago. Jump Crypto, in cooperation with Oasis, attacked the scalable Oasis contract, obtained stolen funds from the Wormhole hacker’s vault, and transferred collateral and debt from the attacker’s vault to its own vault. Oasis said that it received an order from the High Court of England and Wales to recover the assets of the wallet address related to the Wormhole vulnerability on February 2, 2022. This is carried out according to the requirements of the court order, using multi-signature and a third party authorized by the court. As required by the court order, these assets were immediately transferred to the wallet controlled by the authorized third party.

Jump Crypto recovered 120000 ETHs stolen from Wormhole

Interpretation of the news:


The cryptocurrency world has been abuzz with news of the latest recovery of stolen funds from last year’s hacker attack on the Ethereum-based platform, Wormhole. Jump Crypto, in cooperation with Oasis, has successfully recovered 120000 ETHs that were stolen due to the cyber attack. The hacker attack had left traders and investors in a state of panic, as they struggled to come to terms with the loss of their investments.

According to reports, Jump Crypto was successful in attacking the scalable Oasis contract, which allowed them to gain access to the stolen funds that were held in the hacker’s vault. The recovery operation involved the transfer of collateral and debt from the attacker’s vault to Jump Crypto’s own vault, with Oasis providing the necessary support. Oasis confirmed receiving a court order from England and Wales High Court to recover the assets of the wallet address linked to the Wormhole vulnerability. Following the court order, Oasis successfully transferred the funds to a wallet controlled by a court-appointed third-party through multi-signature.

The successful retrieval of the stolen funds brings some hope to traders and investors who have suffered significant losses due to crypto theft. The cyberattack on Ethereum’s Wormhole last year had resulted in the loss of millions of dollars, leaving many investors with empty wallets. The recovery of the stolen funds is a significant win for the cryptocurrency industry, as it demonstrates the resilience of the system in the face of adversity.

The recovery operation was carried out with the aid of multi-signature and a third-party authorized by the court, highlighting the importance of secure and regulated cryptocurrency trading. The use of multi-signature technology ensures that more than one person has control over the transaction, thereby reducing the risk of fraud and hacking. The court order also highlights the need for regulation in the cryptocurrency industry, as it provides a legal framework for the recovery of stolen assets.

Overall, the successful recovery of stolen funds from Ethereum’s Wormhole is a significant milestone for the cryptocurrency industry. It highlights the need for multi-signature technology and regulation in the industry, bringing some relief to traders and investors who have suffered losses due to cyberattacks.

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