Whitehat Hackers Team Up with Oasis to Recover $326M Stolen Funds
• Oasis Network recently collaborated with whitehat hackers to recover funds stolen from Solana’s Wormhole bridge.
• The hacker had previously transferred around $326 million worth of cryptocurrency.
• Oasis and the whitehats exploited a flaw in the design of the admin multisig access to recover the stolen funds.
Wormhole Bridge Hacked
On February 2nd, Wormhole had been hacked, and it was estimated that around $326 million worth of cryptocurrency had been stolen, with the attacker later transferring some of these funds. Wormhole connects Solana to other leading DeFi (decentralized financial infrastructure) networks. As a result of Solana’s high speed and cheap cost, tokenized assets can be transferred between blockchains without disrupting ongoing projects, platforms, or communities.
Whitehat Hackers To The Rescue
Oasis Network recently announced a collaboration with whitehat hackers to recover funds that had been stolen from Solana’s Wormhole bridge. In order to accomplish this, Oasis decided to collaborate with a group of ethical hackers known as “white hats,” who on February 16 had suggested a method for recovering the stolen assets. On Tuesday, the two groups put the plan into action and delivered the recovered assets to a third party that had been permitted by the court.
Exploit Used To Recover Funds
The two groups exploited a previously unknown weakness in the design of the admin multisig access in order to recover the cash. According to Oasis Network’s blog post, they retained no control or access to these assets after they were passed onto a wallet controlled by an authorized third party as required by the court order.
What Are White Hat Hackers?
White hat hackers are ethical hackers who deliberately seek out and report security vulnerabilities instead of exploiting them maliciously like black hat hackers do. They are often employed by companies or organizations who want their cybersecurity systems tested before any malicious attacks occur or after one occurs so that similar ones can be prevented in future.
Oasis Network successfully collaborated with whitehat hackers in order to recover funds that were stolen from Solana’s Wormhole bridge following an attack earlier this month which saw around $326 million worth of cryptocurrency being taken away from them. They managed this feat through exploiting a flaw in the design of its admin multisig access which allowed them to pass on all recovered assets straight away onto an authorized third-party wallet as per court orders without retaining any control over it themselves once done so!