Jump Crypto Recovers $140 Million Worth of Tokens from Wormhole Hack
Luisa Crawford Mar 02, 2023 09:09
Jump Crypto and Oasis recover $140m from Wormhole hack, showcasing importance of collaboration and innovation in fighting crypto hacks.
Jump Crypto, the crypto arm of Jump Trading, and Oasis, a multi-signature wallet software developer, have successfully retrieved $140 million worth of tokens involved in the Wormhole cross-chain bridge hack. This coordinated effort led to the recovery of certain assets from the wallet address associated with the attacker.
Wormhole, a decentralized finance (DeFi) project, was hacked in early 2022, resulting in the theft of 120,000 ETH tokens worth above $321 million at the time. This attack marked the fourth-largest crypto theft of all time. However, a recent blog post has revealed that Jump Crypto and Oasis were able to counter-exploit the attacker and retrieve the stolen assets.
Oasis received an order from the High Court of England and Wales requiring it to take steps to retrieve certain stolen assets. The DeFi platform was contacted by a Whitehat group that showed them a proof of concept on how it would be possible to retrieve the assets. Oasis returned the funds to an authorized third party, and it retains no control over the funds.
The recovery of the stolen assets is a significant achievement, given the increasing number of hacks and exploits in the crypto industry. In 2022, the crypto industry lost approximately $4 billion worth of digital assets to hacks, fraud, scams, and rug pulls. Five major exploits alone accounted for $2,361,000,000. The Axie Infinity's Ronin blockchain hack was the largest crypto hack of 2022, followed by Wormhole’s $326 million, Nomad’s $190 million, BNB Chain’s $570 million, and FTX’s $650 million.
In conclusion, the recovery of $140 million worth of tokens involved in the Wormhole hack by Jump Crypto and Oasis demonstrates the importance of collaboration and innovation in the fight against hacks and exploits in the crypto industry. This success gives hope to other victims of crypto hacks that recovery is possible.
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