The crypto scam is becoming almost commonplace. That said, specialized companies and crypto players are now hard at work to counter this form of scam. Last victory to date: that of Wormhole which recovers stolen crypto funds in 2022. Wormhole owes this feat not to one company, but to two.
Wormhole crypto scam: one of the biggest to date
A year ago now, the world of decentralized finance experienced one of the biggest crypto scams. According to the balance sheets, the DeFi Wormhole protocol loses 120,000 ETH. That’s about $320 million.
To compensate for the losses, Jump Crypto has already committed $320 million worth of ether to the protocol. It is a Chicago-based crypto branch of Jump Trading. The latter is none other than the parent company of Wormhole. Upstream, Wormhole offered a bug bounty of $10 million to the person responsible for this crypto scam. Add to that an agreement. But this case remains unresolved today.
New twist in the Wormhole crypto scam case
Three days ago, Wormhole recovered the funds stolen during the 2022 crypto scam. More concretely, the sums recovered are worth nearly $198 million. This equals 3,213 RETH plus 120,695 WSTETH. According DailyHodlthis was possible thanks to the collaboration of two entities: Oasis and Jump Crypto.
Since the crypto scam, they work together to secure the stolen funds in the wallet of the Wormhole Pirate. More explicitly, the goal is to counter the exploitation of an evolving Oasis contract.
Oasis and Jump Crypto accomplish a great feat
To justify its approach and operations, Oasis published A declaration :
” On February 21, 2023, we received an order from the High Court of England and Wales to take all necessary steps that would result in the recovery of certain assets involved in the wallet address associated with the Wormhole exploit on the 2 February 2022. This was done pursuant to the requirements of the court order, as required by law, using Oasis Multisig and a court-authorized third party.
We can also confirm that the assets were immediately transferred to a wallet controlled by the authorized third party, as required by the court order. We retain no control over or access to these assets. »
Till date, Wormhole connects Solana to several blockchains. At the time of the crypto scam, the total value locked on Solana dropped by around 12%. Today, it tends to stabilize. To be continued…
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