• Oasis and Web3 infrastructure company Jump Crypto conducted a „counter-exploit“ against malicious entities to retrieve $140 million worth of assets tied to the Wormhole Bridge exploit.
• The exploit was orchestrated by exploiting a security flaw in the Solana-based Wormhole Bridge, resulting in the loss of $325 million.
• The High Court of England and Wales issued an order for Oasis to take all necessary steps to retrieve assets associated with the wallet address involved with the exploit.
Wormhole Bridge Exploit
The Wormhole Bridge exploit was one of the largest exploits in crypto history, resulting in $325 million being stolen due to a security flaw. In response, Oasis and Web3 infrastructure company Jump Crypto launched a „counter-exploit“ against malicious entities to try and recover some of the funds.
Wormhole offered a $10 million bug bounty and white hat agreement for the attackers returning the stolen funds but this failed to transpire. A counter-exploit was then initiated with help from government and private resources, leading up to an order from High Court of England and Wales for Oasis to take all necessary steps for retrieving assets associated with the wallet address involved in the exploit.
Following a successful counter-exploit, around $140 million worth of assets were recovered via Oasis Multisig which were returned back to court-authorized third party. This recovery was only possible after approval from Solana’s blockchain network participants as well as other stakeholders involved in this case.
Bug Bounty Program
In addition, Wormhole also offered a bug bounty program worth $1million which allowed anyone who found bugs or vulnerabilities within their system or platform to receive rewards on reporting them directly through their website or Twitter account.
This incident served as an example regarding how important it is for cryptocurrency companies as well as investors alike to stay vigilant when it comes down protecting their digital assets from malicious actors looking out to take advantage of any loophole present within systems/networks they are using or investing into respectively.