Certik, a security firm, prevented a potentially disastrous million exploit in the Wormhole cross-chain bridge by identifying a critical bug, showcasing the importance of proactive security practices and the benefits of open-source software in enhancing Web3 security standards. Wormhole, a project enabling token and data transfers between blockchain networks like Ethereum and Solana, had […]
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Wormhole $617M Airdrop Ignites Valuation Surge To $3B, But W Price Stumbles 23%
Wormhole, a cross-chain communication protocol enabling the transfer of assets between blockchains, recently launched an airdrop campaign for its newly issued governance token, W. Early users were rewarded with 617 million W tokens, and the protocol also released a roadmap outlining its plans.
Wormhole Protocol Unveils Roadmap
According to the protocol’s roadmap, W aims to become a native multi-chain token, leveraging the advantages of both the Solana and Ethereum Virtual Machine (EVM) chains.
Initially launched as a native SPL token on Solana, W will reportedly leverage Solana’s performance, offering increased performance, scalability, low transaction costs, and fast settlement times.
After the Solana debut, W will be extended to all Wormhole-connected EVM chains using Wormhole Native Token Transfers (NTT). This framework allows W to continuously roll out across Solana, the Ethereum mainnet, and Layer 2 (L2s) without liquidity fragmentation.
The open-source NTT framework allows projects to control token behavior on each chain, including token standards, metadata, ownership/upgradability, and custom features.
Cross-Chain Governance System
Wormhole also introduces a governance system where token holders on any supported chain can create, vote on, and implement governance proposals. This approach allows maximum participation in the Decentralized Autonomous Organization (DAO) by providing a frictionless user experience for token holders distributed across multiple chains.
As announced, W holders can lock and delegate their tokens on Solana and EVM chains, allowing them to participate in governance decisions. The Wormhole DAO, composed of W token holders, will oversee the Solana, Ethereum mainnet, and EVM L2s governance system.
Wormhole, developed by Jump Crypto, a division of Jump Trading Group, has been under development for several years. Despite encountering challenges, including a significant hack in February 2022 resulting in a loss of approximately 0 million, the protocol has continued to evolve.
Furthermore, the recent listing of the W token on major exchanges such as Crypto.com and the future support planned by Coinbase on April 4 further validate its progress.
W’s Debut On OpenBook
The W token debuted on the Solana-based decentralized exchange (DEX) OpenBook at .66, with a market capitalization of .98 billion and a fully diluted value of .5 billion.
However, the token’s market capitalization and fully diluted value have since fallen to .2 billion and .5 billion, respectively, according to updated data from CoinGecko. Trading volume for W has remarkably increased, reaching 5,937,593 in the last 24 hours, representing a staggering 25,732,359.60% surge.
Following the airdrop, some users openly shared their sell-offs of the W token on social media platforms, resulting in a 23% price drop. At the time of writing, the token is trading at .32.
Featured image from Shutterstock, chart from TradingView.com
Navigating the Wormhole Airdrop: Defi’s Next Big Token Drop Explained
Wormhole, a platform fostering blockchain interoperability within decentralized finance (defi), has unveiled plans for an airdrop of its proprietary token, W. The initiative is part of the protocol’s broader aim toward progressive decentralization, rewarding dedicated users and developers within the Wormhole ecosystem. Wormhole to Airdrop W Token to Advance Defi Interoperability Wormhole, a facilitator of […]
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Wormhole and AMD Forge Alliance to Revolutionize Blockchain Interoperability
On Wednesday, the blockchain interoperability platform Wormhole revealed it is collaborating with the American multinational semiconductor company AMD (Advanced Micro Devices). Wormhole plans to utilize AMD’s Field Programmable Gate Array (FPGA) technology in order to bolster cross-chain communication and multi-chain scalability. AMD’s FPGA Tech to Power Wormhole’s Interoperability Ambitions Wormhole, an interoperability platform for blockchains, […]
Bitcoin News
Report: Jump Trading Cuts Ties With Wormhole Amid Staff Reductions
Based on a recent report, Jump Trading Group, known for its focus on algorithmic and high-frequency trading techniques, has reportedly severed ties with the Wormhole crypto initiative, known for its cross-chain communication services. Last year saw Wormhole suffer a significant loss of 120,000 ethereum due to a major security incident.
Wormhole and Jump Trading ‘Part Ways’
Recent developments indicate that Jump Trading and Wormhole have “parted ways,” as per a Bloomberg article quoting “people with knowledge of the matter.” The account further reveals that former Jump executives Saeed Badreg and Anthony Ramirez have allegedly departed to manage Wormhole independently.
Confidential informants, preferring anonymity, have disclosed that following this division, Jump’s workforce has been reduced to about 75 staffers, which is nearly half of what it was at its peak in 2022. In February 2022, Wormhole suffered a major breach and lost 120,000 ether from the exploit.
Following the incident, Jump stepped in and replaced the 0 million worth of ether that was stolen. “All funds have been restored and Wormhole is back up,” the team said at the time. “We’re deeply grateful for your support and thank you for your patience. The team is working on a detailed incident report and will share it ASAP.”
Based on data from dappradar.com, Wormhole has processed transactions totaling 0.48 million over a 30-day period, spanning seven distinct blockchains. Although unnamed informants have disclosed the information, Jump has yet to make a public statement on the issue.
What do you think about Jump and Wormhole parting ways? Share your thoughts and opinions about this subject in the comments section below.
Solana Price Soars 10% As $325 Million Reinstated on Wormhole
The Solana price has been on an upswing ever since the bloodbath that followed DeFi’s largest hack of 2022. The Wormhole network stated that stolen money had been restored, giving Solana price some much-needed relief.
Related Reading | Solana price recovers from downtrend after 5 million restored on Wormhole network
After hours of being lost to what some call the largest DeFi hack, the crypto was restored. Jump Crypto’s currency-focused arm worked in tandem with other Quant trading firms, and together, they were able to restore all funds that hackers had stolen from investors last week.
Jump Crypto stated;
“we believes in a multichain future and that Wormhole is essential infrastructure. That’s why we replaced 120k ETH to make community members whole and support Wormhole now as it continues to develop.”
The firm’s decision to replace 120,000 Ether in support of community members on the Wormhole network revealed that hackers failed to refabricate stolen cryptocurrencies.
Yesterday’s exploit compromised 5 million worth of Ether, and the Wormhole network offered a 10-million dollar bounty for information on who did it. Unfortunately, the hacker still has access to these funds, meaning they have rejected the offer.
Related Reading | Wormhole Token Bridge Lost 1M In Crypto Heist
Solana Price Recovery From Bloodbath
The price of Solana dropped nearly 10% after news broke about the Wormhole exploit. The largest DeFi hack on Solana acted as a negative factor for this altcoin, heavily influenced by lousy publicity.
A cryptocurrency analyst and trader widely followed for his accurate price predictions by investors of all sizes across the board, Johny noticed that Solana might be ready to make its next move up. Further, he noted an upward pattern developing within range lows before Ethereum killer could start its leg straight back down again.
“$SOL beautiful retest of range lows. Flip range highs and next leg upstarts. Haven’t seen this much strength from Solana in what feels like forever.”
Bitcoin’s fall to the ,250 level triggered a dip for major altcoins. While most coins were red on Thursday, Solana also dipped nearly 10%. The larger market experienced a dip as well due to bitcoin’s movements.
What a difference a day makes! Solana dipped more than most of its counterparts in the top ten cryptocurrencies by market cap, but it charted an equally good recovery at press time.
After an attack on Wormhole, SOL dipped to as low as on February 3. However, the price saw some recovery and even managed a decent pump before long.
The price of Solana is rising once again. As I’m writing these words, the currency had traded at 8 and presented 11.7% daily and 18.75% weekly gains.
Solana is currently trading at 8 with an 11.7% rise. Source: Tradingview.com
With trade volumes still maintaining low, some say that the spot markets are still too uncertain about investing in, but a decent price push could change investors’ mood for good.
Featured image from Pixabay, chart from TradingView.com
Wormhole Token Bridge Lost $321M In Crypto Heist
Wormhole token bridge that links the Ethereum and Solana blockchains, seemingly an unimportant piece of tech for its function, lost over 1 million Wednesday afternoon.
This is the largest attack to date on Solana. A competitor to Ethereum that’s progressively gaining grip in the non-fungible token (NFT) and DeFi ecosystems. The 0 million Poly Network crypto heist was bigger, but it involved cryptocurrencies rather than blockchain technology, which may explain why critics call this new development “pretty historic.”
The heist occurred on Solana’s side. The discovery of a vulnerability on the Solana side has raised concerns that it could be similarly vulnerable to Wormhole’s bridge.
The Wormhole team announced that they would replenish the Ethereum (ETH) supply to make sure wETH is backed 1:1, but it’s not clear where those funds come from or when.
The assailant managed to hack into a smart contract and steal 1 million worth of wETH. The heist happened at 6:24 pm UTC on February 2nd when 120,000 wETH were minted by an attacker who then redeemed 93,750 wETH for ETH, equivalent to 6 million. These funds allowed them to buy SportX (SX), Meta Capital (MCAP), Finally Usable Crypto Karma (FUCK) & Bored Ape Yacht Club Token (APE).
With the remaining WETH swapped for USDS and SOL on Solana, the hacker now holds 432,662 SOL ( million) in Solana wallet.
CertiK, a smart contract auditing firm, reported potential vulnerabilities within Wormhole’s bridges to other blockchains in today’s press release. However, the report says that it “is possible” patches or upgrades could address these shared concerns.
Is Wormhole Lucky Enough As Poly Network?
The Wormhole team is serious about getting their money back. They’ve offered a M bug bounty, which they will pay out if anyone can find an exploit to return it.
“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 million for exploit details and returning the wETH you’ve minted. You can reach out to us at contact@certus.one.”
The Wormhole team is working hard to fix an exploit reported recently. Unfortunately, as of now, wETH tokens sent across the bridge are not yet redeemable while they strive in their effort.
Two smart contract exploits in a week. The first one was on Qubit Finance’s token bridge last Friday, and now this new vulnerability. It reminds us very much about Poly Network hack where they stole nearly 0 million from investors. Poly Network was lucky enough to get its funds back through whitehat hacker intervention.
Related Reading | Poly Network Confirms Hacker Has Returned Most Of The Stolen Crypto
Tech Giants Reviews on Token Bridge Heist
Vitalik Buterin’s warning that “fundamental security limits” on token bridges has come true by recent events. The frequency of smart contract hacks emphasizes his point about layer-1 blockchains being vulnerable. Moreover, hackers pillage other platforms for their gunfire fodder and attack routes into new territory without any defense against such tactics.
We reached out to Ali Qamar, Cyber Security Expert and PrivacySavvy founder, for comment on the hacker exploiting a security flaw to mint wETH without depositing any ETH themselves. The privacy education hub lead brain commented,
The heist is a reminder that the DeFi services’ security is yet to reach a level appropriate for the enormous amounts of funds being stored within them. Blockchain transparency seems to allow attackers to spot and exploit significant bugs.
What Is Token Bridge
Ether is the most popular blockchain network in use today, and it’s being looked at by many people who want to replace banks or lawyers when working with smart contracts. However, there are other options available such as Solana – which might be cheaper & faster depending on your needs.
The introduction of cross-chain bridges has made it easier than ever for Crypto holders to operate outside their ecosystem, with no limitations on where they send or receive cryptocurrencies from.
Related Reading | What Are Blockchain Bridges?
The Wormhole is a revolutionary new protocol that allows users to move their tokens and NFTs between Solana, Ethereum’s most popular smart contract platform.
Market tanks
Investor excitement about the potential for Solana’s network to become more widely used led it into the crypto top ten last year. The price of one token has increased by 1,600% since February 2021. The combined value reached an all-time high last year, with billion worth.
Bitcoin price is 4% down since the recent heist. Source: Tradingview.com
However, the Solana value has fallen quickly since the recent crypto heist and currently trades at under 0 per token. Furthermore, the decline relates to a broader crypto market crash. The crash hit bitcoin and other major cryptocurrencies such as Ethereum or lite coin. As a result, their values have dropped significantly over time.
Featured image from Pixabay, chart from TradingView.com
NewsBTC
Bitcoin Cash (BCH) Technical Analysis: Wormhole Protocol and Smart Contracting BCH Bulls
As pitched, Bitcoin Cash is the new Ethereum all thanks to the Wormhole protocol which will make smart contracting and asset tokenization a possibility. Now, could this fact alone be the reason why BCH is up 10 percent in the last day? Or are BCH on a path towards recovery because of the market wide rejection of lower lows. Let’s wait and see if there is support behind these Bitcoin Cash buys.
From the News
Are developers of Bitcoin Cash, the fourth largest coin in the world taking advantage of Ethereum’s vulnerabilities to forward the benefits of the BCH network? It looks like so going be recent developments. Of course talk of smart contract capabilities were thrashed by Bitcoin core because of Sybil attack fears but Roger Ver want to change that perception and prove them wrong.
With wormhole protocol, the network might be some few steps away from making smart contracting at the BCH network a possibility. Initially the idea came from Bitmain, the Chinese ASIC monopolist who are also planning to raise funds and expand. We also got to learn that the ASIC manufacturer owns more than 1.2 million BCH and more coins that Satoshi Nakamoto.
What will make Bitcoin Cash and wormhole protocol an on demand platform for tokenization is the ease of listings at exchanges where Bitcoin Cash are available for trade. Further supporting Bitcoin Cash is the never ending problems at Ethereum gifting Roger Ver and Bitmain an edge to pitch their platform. Remember, of late there has been a listing problem due to an irrecoverable bug at Ethereum and as they plan to move from ERC20 to ERC777 standards odds are BCH might eclipse them and claw part of their market share. After all, Ethereum is a monopoly in the smart contract niche.
Bitcoin Cash (BCH) Technical Analysis
Weekly Chart
Of course and as expected, most are jumping ship thinking that the bottoms are near or even found. On our part though, it will take a lot of convincing especially from a technical point of view. Yes, there is reversal and in fact on a weekly basis, BCH prices are up printing an acceptable 10 percent loss. But, while this is welcomed, sellers appear to be in charge.
For buyers to reverse these losses and cement their position or even build up enough momentum as they spring back to 0 and ,000, we must see meaningful gains above last week’s highs at 0 or there about.
In that case, technical formation demands BCH prices to close above 0 our previous support and sell trigger line. Before any of that happens, we shall take a neutral approach and keep our bear trade plan intact.
Daily Chart
To reiterate, Bitcoin Cash remains a sell and from the daily chart, we shall consider any reversal a retest of main resistance and break out level at 0.
Though BCH might edge higher today in line with the general sentiment across the market, we suggest keeping our last BCH trade plan intact and even moving stops to break even.
This is because like any retest we expect sellers to resume their trend right at 0 and with every high volume lower low rejecting close above our resistance line, traders should execute shorts with first targets at yesterday’s lows at 0 and later 0 as laid out before.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision
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