Bittime -Crypto Wormhole (W) is back in the spotlight and has caused an uproar among investors and traders.Bridge hacker Wormhole, who made a profit of $321 million in February 2022, almost received an airdrop of W tokens worth $50,000.
This incident became a sharp focus, considering that the Wormhole bridge hack was one of the biggest loss incidents in the history of the crypto industry.
Airdrop Wormhole (W) that makes you squint
On Wednesday (03/0424), Wormhole announced their newly launched W token airdrop. A total of 675 million W tokens, with a total value of approximately $850,000, will be distributed to eligible users.
However, a surprise came a day later. An anonymous researcher named Pland revealed the Wormhole team's negligence in the airdrop process . According to Pland, the Wormhole team forgot to exclude some wallet addresses associated with previous Wormhole (W) bridge hacks.
Based on data from Solana-based airdrop checker, airdrop.link, it was revealed that four wallet addresses were initially listed as eligible recipients for the Wormhole airdrop.
If the hacker claims their airdrop, they could get around 31,642 Wormhole (W) tokens, worth around $50,000.
Fortunately, further searching on airdrop.link showed that the wallet address was no longer listed as an eligible recipient. This indicates that the Wormhole team may have quickly resolved this issue.
Check Today's Crypto Market:
The Turbulent Launch of the Wormhole (W) Token
The launch of the W token itself was marked by quite a tense situation. W token opened at $1.66 on Solana-based decentralized exchange (DEX) OpenBook. The market capitalization of the W token at launch was $3 billion, with a fully diluted value of $16.5 billion, as reported by CoinGecko.
The huge surge in interest in the Wormhole (W) token caused OpenBook to experience significant congestion. Some users even reported difficulty accessing the platform.
Meanwhile, the distribution of Wormhole tokens (W) is allocated as follows: 6% for airdrop, 12% for core contributors, and 23.3% for Wormhole financial cash. Although currently launched on Solana, W tokens will also be issued natively on the Ethereum and layer-2 networks.
Dark Memories of Wormhole Hacking (W)
As a flashback, in 2022, a cybercriminal managed to exploit a vulnerability in the Wormhole liquidity bridge connecting the Ethereum and Solana blockchains. The exploit resulted in the loss of 120,000 wrapped ether (wETH).
In response to this incident, Web3 infrastructure company Jump Crypto and decentralized finance (DeFi) platform Oasis.app successfully carried out a “counter exploit” against Wormhole hackers in February 2023.
They have successfully recovered $225 million in digital assets from hackers and returned them to secure wallets.
Post the hacking incident, Wormhole has been working on improving their security. The move was realized by the launch of two bug bounty programs, each offering prizes of $2.5 million. The program aims to encourage the identification and reporting of potential system vulnerabilities that need to be patched.
Apart from that, Wormhole also collaborated with several external audit firms to conduct a comprehensive review to address critical problems in their system.
Also Read How to Buy Crypto:
Wormhole (W) Latest Developments
Since the hacking incident in February 2022, Wormhole has shown real efforts in improving the security of their platform. Here are some of the latest developments you need to know:
- Launch of Two Bug Bounty Programs: Wormhole launched two bug bounty programs with a total reward of $5 million to encourage the identification and reporting of potential system vulnerabilities.
- Independent Security Audits: Wormhole works with several well-known independent security audit firms to conduct thorough reviews of their systems.
- Implementation of New Security Systems: Wormhole has implemented various new security systems, including stronger data encryption and multi-factor authentication, to enhance platform security.
- Establishment of Security Council: Wormhole established a security council consisting of experts in the fields of cybersecurity and blockchain to provide direction and oversight of the platform's security strategy.
Conclusion
The Wormhole hack incident is an important reminder for all players in the crypto industry to always prioritize cyber security. Efforts to restore user trust and improve platform security must be the main focus.
With the right steps and strong commitment, the crypto industry can continue to grow and reach its full potential.
Check Crypto Prices Today:
How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
IDR 12 Trillion Wormhole Airdrop: Euphoria amidst the Dangers of Cyber Fraud
MEW Crypto Soars 50% on Solana, New Listing Immediately Triggers Investor Frenzy
Memecoin Base Degen: Rising High in the New Lower Chain (Layer) Era with Strong Community Support
DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.