Feb 25, 2023

Jump Crypto & Oasis Counter Hack Wormhole, Retrieve $225M in Crypto

Jump Crypto, an infrastructure firm in the web3 space, and decentralized finance platform Oasis.app have managed to pull off a successful “counter exploit” of the Wormhole protocol hacker, recovering $225 million worth of digital assets and transferring them to a safe wallet.

The Wormhole attack occurred in February 2022 and saw roughly $321 million worth of Wrapped ETH (wETH) stolen via a vulnerability in the protocol’s token bridge.

The hacker had since shifted the stolen funds through various Ethereum-based decentralized applications (dApps) and, via Oasis, opened up a Wrapped Staked ETH (wstETH) vault on Jan. 23 and a Rocket Pool ETH (rETH) vault on Feb. 11.

In a Feb. 24 blog post, the Oasis.app team revealed that a counter exploit had taken place, noting that it had “received an order from the High Court of England and Wales” to retrieve certain assets related to the “address associated with the Wormhole Exploit.”

The retrieval was initiated via “the Oasis Multisig and a court-authorized third party,” which was identified as Jump Crypto in a preceding report from Blockworks Research.

Transaction history of both vaults shows that 120,695 wsETH and 3,213 rETH were moved by Oasis on Feb. 21 and placed in wallets under Jump Crypto’s control. The hacker had around $78 million worth of debt in MakerDao’s DAI stablecoin that was also retrieved.

The blog post stressed that the retrieval was only possible due to a previously unknown vulnerability in the design of the admin multisig access, which was highlighted by white hat hackers earlier this month.

It further noted that the access was only intended to protect user assets in the event of any potential attack and that at no point were user assets at risk of being accessed by any unauthorized party.

The counter exploit has been a major success for both Jump Crypto and Oasis.app and has demonstrated the importance of security in the web3 space. It has also highlighted the need for NFT marketing and promotion strategies to ensure that digital assets are safe from malicious actors.

Jump Crypto and Oasis.app have shown that they are well-equipped to handle such threats and are a great example of a web3 agency that can help protect users’ crypto assets. They have also demonstrated their ability to successfully sell NFTs and provide an effective NFT marketing service. The success of this counter exploit will no doubt be a great boon for the web3 space and will encourage more people to invest in crypto assets.

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