The money is back! After losing $320M in a hack, Jump Crypto replenished the funds.
) platform, then redeemed 93,750 wETH for ETH on the Ethereum network while swapping the rest for other altcoins on the Solana network.
The cross-chain ETH-wETH is supposed to have an exchange ratio of 1:1 against one another. Therefore, the unauthorized minting of wETH leads to significant inflation, which can quickly degrade confidence in the underlying bridge. After the latest"bailout" by Jump Crypto and a patch fix, however, things appear to be back to normal, with Wormhole developers"All funds have been restored, and Wormhole is back up. ETH contract has been filled, and all wETH are backed 1:1.
But there also remains a glaring problem — the whereabouts of the"hacked funds" and whether or not the malicious actor who took them would face the consequences as to deter similar decentralized finance scams in the future. As these tokens were fraudulently minted and still exist in the ecosystem, it raises concerns about the fungibility of"hacked" ETH tokens as they are laundered into"clean" ETH.
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