a month ago 2 min read

Oasis "Hacked Itself" To Recoup $140 Million In Wormhole Attack Damage

oasis network-makerdao-eth-jump crypto-defi

Oasis supported the Jump Crypto investment fund in retrieving $140 million in ETH lost in the Wormhole bridge attack in February 2022.ion In Wormhole Attack Damage

Based on a release published on the morning of February 25, Oasis – a business specializing in establishing vaults to borrow money and collect interest with ties to MakerDAO and DAI – stated it had successfully retrieved 120,000 ETH, which was worth $140 million at the time. Create the Wormhole bridge attack item and return it to the original owner. It's significant that this unit asserts that it has been ordered by the Supreme Court of England and Wales to pursue every possible avenue for recouping the debt.

In February 2022, an attack on the Wormhole bridge connecting Solana to Ethereum resulted in the loss of up to 120,000 ETH, which at the time was worth $325 million. The Jump Crypto investment fund, which supported Wormhole, announced that it will spend money to fix all of the damage a few hours after the attack.

Oasis revealed that an attacker used their multisig wallet and vault solution to store dirty assets towards the end of January 2023 before staking ETH liquidly. On February 16, 2023, a white hat hacker revealed that Oasis had found a fault in the way multisig access was designed and had chosen to exploit it in order to fool the hacker's wallet into sending money out. outdoors, and through a series of actions taken on February 21 received all the money back.

The recovered funds have been transferred to an "approved third party," most likely Jump Crypto, in order to safeguard user interests in the event of an attack and facilitate a prompt fix of the flaw, according to Oasis. As of now, there have been no indications of any unauthorized access to user assets on Oasis.

However, Oasis' actions are generating considerable discussion on Twitter within the crypto community, with many asserting that they set a dangerous precedent that jeopardizes the immutability of the blockchain and the viability of the DeFi project. The regulations mandate that you perform the "self-hacking" behaviors described above.

Not to mention that Oasis' wallet should have been non-custodial since the user has full control of the private key, indicating that this unit cannot operate unilaterally in this way.

Jump and Wormhole have not yet provided an official statement regarding the incident.

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