Airdrop Eligibility for Hacker Involved in $320 Million Wormhole Exploit
In a surprising turn of events, the hacker responsible for the massive $320 million Wormhole bridge exploit in 2022 has emerged as a candidate for the $50,000 airdrop of W tokens, a newly released token by Wormhole.
A cyber sleuth, known as Pland, recently uncovered that some of the wallet addresses connected to the Wormhole exploit were mistakenly included in the eligible addresses for the airdrop. This information was revealed by the Solana-based airdrop checker, Airdrop.link, as reported by Degen News. It turns out that there were 4 addresses associated with the Wormhole attack that temporarily qualified for Wormhole’s airdrop. During this time, the hacker would have been able to claim approximately 31,642 W tokens, worth $50,000 based on current prices.
However, upon further investigation, it was discovered that the specific wallet addresses linked to the hacker did not meet the criteria for the airdrop. As a result, the Wormhole team promptly rectified the situation to prevent any unwarranted claims.
The exploit that hit Wormhole in 2022 was one of the largest crypto thefts ever recorded. Wormhole, a prominent protocol in the cross-chain space, facilitates transactions using Ethereum, Solana, Binance Smart Chain, and other platforms. The hackers managed to steal 120k wETH, equivalent to $321 million in token value. This incident became one of the most significant DeFi fund thefts of 2022, as the hackers converted the stolen wETH tokens into Ethereum, Solana SOL, and other coins such as USDC, APE, and SX.
Fortunately, companies like Jump Crypto and Oasis.app DeFi platform took action and executed a counter exploit on the Wormhole bridge hacker, recovering a substantial $225 million.
In response to the theft, Wormhole announced a massive airdrop of approximately 675 million Wormhole (W) tokens, valued at around $850 million based on current market prices. This airdrop created a frenzy among fans of the protocol. With over 400,000 eligible wallets, there was more than enough to go around for users on Solana, Ethereum, and other compatible chains.
The price of the W token experienced significant fluctuations during its launch phase, reaching a high of $1.66 before dropping to its current price of $0.98, representing a nearly 27% decrease. According to CoinGecko, the W token’s market capitalization peaked at almost $3 billion but now hovers around $2.4 billion.
The Wormhole exploit and the subsequent airdrop highlight the evolving nature of the crypto space and the inherent risks for users. There is a growing need for more secure platforms and better regulations to ensure the safety of funds and foster trust in the ecosystem.