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The decentralized finance (DeFi) network worked with whitehat hackers to retrieve money that had been taken from Solana’s Wormhole bridge, according to a recent release made by Oasis Network on February 24.
Over $326 million worth of bitcoin was reportedly taken from Wormhole on February 2nd, and part of these funds was later transferred by the hacker.
Solana is connected to other top DeFi (decentralized financial infrastructure) networks through Wormhole. Tokenized assets may be moved across blockchains quickly and affordably using Solana, without interfering with running projects, platforms, or communities.
For the past few weeks, the Wormhole Network exploiter has been quite active. PeckShield reports that the hacker, who released $150 million worth of stolen assets in January, redistributed more funds on February 12.
In a blog post, Oasis, the company that created the multi-signature wallet program into which the hacker sent money, said that whitehats had recently made them aware of “a previously undisclosed issue in the design of the admin multisig access.”
It has used this weakness to reclaim the money in response to a February 21 decision from the High Court of England and Wales.
Oasis made the decision to work with a team of ethical hackers known as “white hats” in order to do this after they had proposed a strategy for retrieving the stolen assets on February 16.
The two organizations carried out their strategy on Tuesday by giving the court-approved third party the assets they had retrieved.
“We can also confirm the assets were immediately passed onto a wallet controlled by the authorized third party, as required by the court order,” the announcement reads.
Oasis Network also said in the blog post, “We have no control or access to these assets.”
The people to contact when it comes to network security are whitehat hackers. So-called white hat hackers figuratively hunt out and reveal security weaknesses on purpose so that they may be fixed before being used in attacks.
Hackers that attempt to interfere with networks, steal data, or infiltrate systems are commonly referred to as “black hats,” or hostile hackers.
Oasis withheld the identity of the white hat hacker outfit, however, according to Blockworks, Jump Crypto, a Web3 infrastructure provider, may have been responsible for the recovery attempt.
The article also claimed that after expenses, assets totaling $140 million had been retrieved.
The initiative further underlined that any disclosed vulnerabilities could have been fixed and that user cash had never been in danger.
Decentralization proponents, who contend that blockchain should give individuals exclusive authority over their assets, may object to the adoption of a dubious approach to recover stolen money.
