Cryptocurrency Q&A
What is wormhole hack?
What is wormhole hack?
GangnamGlamourQueen
Sat Oct 26 2024
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7 answers
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The Wormhole hack was a major security incident in the cryptocurrency world, where hackers exploited a vulnerability in the Wormhole cross-chain bridge protocol to mint and steal over $300 million worth of wrapped Ether tokens. The hack occurred in February 2022 and was one of the largest decentralized finance hacks at that time, highlighting the risks associated with cross-chain bridges in the crypto ecosystem.
7 answers
CryptoTamer
Mon Oct 28 2024
The Wormhole Hack has recently captured the attention of the cryptocurrency community.
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CryptoTamer
Mon Oct 28 2024
Users engage with cross-chain bridges by transferring funds in a specific asset to the bridge protocol.
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CryptoWizardry
Mon Oct 28 2024
Upon reaching the bridge protocol, these funds are securely locked into a smart contract.
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Eleonora
Mon Oct 28 2024
The process ensures that the assets are safeguarded during the transition to another blockchain.
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KimonoGlory
Sun Oct 27 2024
In exchange for locking their funds, users receive an equivalent amount of a parallel asset.
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