$320M Stolen from Wormhole Replaced By Parent Firm
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$320M Stolen from Wormhole Replaced By Parent Firm

2m"
9 months ago

It's a staggering amount of money — and Jump Trading can likely afford it thanks to how it's responsible for executing crypto trades on behalf of Robinhood.

$320M Stolen from Wormhole Replaced By Parent Firm

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For most DeFi projects, the loss of $320 million in a hack would be fatal. But not for Wormhole.
Barely a day after 120,000 Wrapped Ether tokens were stolen from the protocol in an audacious hack, its parent company Jump Trading has replaced the lost funds in their entirety.

It's a staggering amount of money — and Jump Trading can likely afford it thanks to how it's responsible for executing crypto trades on behalf of Robinhood.

Wormhole serves as a bridge between Solana and Ethereum, enabling crypto enthusiasts to move their tokens between both blockchains.

On Twitter, Jump Trading said the company "believes in a multi-chain future and that Wormhole is essential infrastructure."

Jump's president Kanav Kariya admitted that he's "aged two years in two weeks" because of the disruption, but added:

"I'm so damn proud of everyone on the Jump and Wormhole teams today. Insane tenacity and energy in face of a wildly difficult situation."

Back Up and Running

Wormhole has now resumed service — but the hefty cash injection from its parent company suggests that there's little chance that the protocol will recover the stolen funds.

This was the fourth-largest hack in crypto history.

There had been hope that the person responsible was a white-hat hacker — someone who isn't interested in monetary gain, but exposing flaws in a protocol's code.

Wormhole has offered a $10 million bug bounty to the hacker if they return the Wrapped ETH, but those pleas have fallen on deaf ears so far.
Solana's price has rebounded substantially over the past 24 hours now the threat has passed — up 7%.
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