Wormhold Airdrop Nearly Compensates Bridge Hacker Linked to $320 Million Exploit
In a surprising twist, the hacker responsible for the $320 million exploit of the Wormhole bridge in 2022 is now in the running to receive a $50,000 airdrop of W tokens, a new cryptocurrency released by Wormhole. This unexpected development came to light when an anonymous cyber sleuth known as Pland discovered that certain wallet addresses associated with the Wormhole exploit were accidentally included in the eligibility list for the airdrop. This oversight allowed the hacker to potentially receive around 31,642 W tokens, valued at $50,000 based on current prices.
Data from Airdrop.link, a Solana-based airdrop tracker, revealed that four addresses linked to the Wormhole attack briefly qualified for the airdrop. However, subsequent investigations determined that these addresses did not meet the airdrop criteria, and Wormhole’s team promptly rectified the situation to prevent any unauthorized claims.
The Wormhole bridge, which operates using Ethereum, Solana, and Binance Smart Chain, among others, was severely impacted by the exploit in 2022. Hackers managed to steal 120k wETH, equivalent to $321 million. This incident was one of the largest thefts of DeFi funds in 2022, as the hackers converted the stolen wETH tokens into Ethereum, Solana, and other coins.
Fortunately, web3 infrastructure company Jump Crypto and Oasis.app DeFi platform were able to counter the hack and recover $225 million. Despite this setback, Wormhole recently announced a generous airdrop of approximately 675 million W tokens, valued at around $850 million. Over 400,000 eligible wallets were eligible for this airdrop, providing a significant boost to the community using Solana, Ethereum, and other compatible chains.
The launch of the W token saw significant price fluctuations, reaching a high of $1.66 before settling at the current price of $0.98, representing a 27% decrease. CoinGecko reported that the W token’s market capitalization peaked at nearly $3 billion but has since stabilized around $2.4 billion.
The Wormhole exploit and the subsequent airdrop highlight the evolving nature of the crypto sphere and the inherent risks associated with it. There is a growing need for more secure platforms and better regulation to ensure the safety of funds and the sustainability of trust in the ecosystem.