Wormhole Network Faces Exploit, Loses $216 Million to Hackers

Wormhole network has been hacked for 80,000 ETH. The estimated amount of the ETH in USD is said to be equal to $216 million. Blockchain security analytic firm, CertiK Security Leaderboard announced the Wormhole’s network security flaw incident.

However, to clear any fear, Uncertainty, and Doubt (FUD) among traders, the Wormhole team has officially confirmed the exploit a few minutes after the CertiK Security Leaderboard announcement. The company apologized for the incident and any inconveniences that the exploit may have caused.

As it’s impossible to determine how the hackers breach the network, the Wormhole network team expressed that they’re doing all that they possibly can to back up the network anytime soon. Apart from the network maintenance, the company mentioned that it will soon add Ethereum (ETH) to make sure that wETH is backed 1:1 on the network.

Meanwhile, the Wormhole network team hasn’t yet addressed the users whether their stolen funds will be refundable or not, at the time of writing. On the other hand, Cardano (ADA) CEO Charles Hoskinson teased his stance on the exploit and said that “I’ve heard of ghost chain, but now there is ghost wrapped ether.”