Wrong quote (and, indeed, Wrong sign) Charles Dickens: It was Blockhain’s best; It was the worst in the blockchain.
This week, the cryptocurrency company Wormhole unveiled an exploitative vulnerability that apparently allows cybercriminals to flee with 120,000 ether tokens in tears.
ETH1 = Assuming a conversion rate of US $ 2800, which comes close to $ 340,000,000.
You’ll find mention of this CyberHist in Vermol’s Twitter feed (wormholecrypto), Under a seemingly non-satirical headline that describes the company’s business as follows:
The Interoperability Protocol enables seamless transfer of quality and information across 7 high-value chains through a single integration. “
“Non-stop transfers” indeed!
Let’s rewrite history
As Indicated by ellipseA company that offers blockchain analysis to help with compliance, the wormhole team tried the same strategy that cryptocurrency company Poly Network used when it swindled more than $ 600,000,000 in August 2021.
The company apparently asked nicely crooked, in a comment embedded Zero-value ether transactions The goal of the offenders, to return the money:
Printing the above input data in ASCII text instead of hexadecimal code reveals an apparent proposal to redefine criminals as truthful investigators and pay a 10,000,000 bug bounty …
… If miscreants exposed their exploits:
We’re sure anyone who thinks ransomware payments should be made illegal – and there’s a vocal minority who think they should – in this kind of earlier proposal to “refund and we’ll write the whole thing (and off) as a legitimate security study.”
Still, you can understand why a company in a desperate wormhole position might make an offer, although it’s hard to imagine at first why the Crooks who are already – and apparently anonymous – will leave without revealing their names for a fraction of $ 340,000,000. Amount.
In the case of hacking the Polly Network, the trick seems to be working: the accused hackers or hackers have fully recovered most of the stolen funds, the Polly Network referred to them as “Mr. White Hat”, told them they could keep 500,000 and offered them a business Role as a security advisor.
Should ransomware payments be legal? And other difficult questions.
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Thanks but no thanks
This time the cyber criminals do not seem to have joined the group.
Instead, the seemingly mysterious blockchain startup Jump Crypto seems to have jumped on the bandwagon with its own money to backfill the third-one-billion-size wormhole exposed by the wormhole’s exploitative cryptocurrency code:
.UmpJumpCryptoHQ A multichain believes in the future and OrmWormholeCrypto Essential infrastructure. That’s why we replaced 120k ETH to complete the community members and support the wormhole as it continues to evolve.
– JumpCrypto 8 (umpJumpCryptoHQ) February 3, 2022
So, According to the wormhole, “All funds have been recovered and wormhole backed up,” And, “The team is working on a detailed incident report and will share it as soon as possible.”
Not a word about the disaster, however, on Wormhole’s blog or website, which still leads shamelessly with the word The best of the blockchain In large text.
… Although underlined with an unintentionally hyper-correct strapline: “Move data and prices anywhere.”
What do you do?
As the saying goes, you can’t make this thing up.
So, as we did after hacking the poly network, where customer funds were similarly lost and later discovered by magic, we will give you some general cryptocurrency advice instead of just specifying this phenomenon:
- If you are thinking of entering the cryptocurrency scenario, do not invest more than you can afford to lose. And when we say “lose”, we mean “lose everything”, not just “fail to make a profit”. There are currently more than 10,000 different cryptocurrencies in existence, many of which were discontinued by cash injections from early investors. Not all cryptocurrencies can follow the bitcoin pattern of going from a few cents in 2010 to under প্রতিটি 40,000 each in February 2022. Investors, known as ICOs (Initial Currency Offers), simply run away without setting up a new cryptocurrency or trading site.
- If you plan to buy and hold cryptocurrencies, all you can do is keep them offline, known as Cold Wallet. A cold wallet is an encrypted file that you don’t lose track of where you put it and where other people can’t use it unless they know your password. Be careful about trusting your investment much in hot wallet situations, where you have to trust other people completely so that you can trade faster and more aggressively.
We started with the wrong quote from Mr. Charles Dickens, so we will end by reminding you that the quote goes, “It was an age of knowledge, it was an age of ignorance, it was an age of faith, it was an age of unbelief.”
Remember that faith evaporates quickly because it is thought to take time to gain in the first place.
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