Oasis recovered $140m of stolen Wormhole funds with help of whitehat hackers


Oasis exploited a vulnerability in its own admin multisig to regain those funds.

Cover art/illustration via CryptoSlate

Oasis Network worked with a whitehat hacking group to retrieve funds stolen from Wormhole, according to a post from the former project on Feb. 24.

On Feb. 2, Solana’s Wormhole bridge was exploited for a sum of cryptocurrency now estimated at $326 million. The attacker later moved a portion of those funds.

How To Get Free Crypto  

Oasis, a DeFi platform and exchange that the attacker relied upon during one step of the attack, soon became involved in the recovery effort.

Oasis disclosed today that, on Feb. 21, it received an order from the High Court of England and Wales requiring it to take steps to retrieve certain stolen assets.

To do so, Oasis chose to work with a whitehat hacking group that had previously proposed a way to retrieve the stolen assets on Feb. 16. The two groups executed the strategy on Tuesday and sent the recovered assets to a court-authorized third party.

Oasis said that this recovery strategy was only possible to a “previously unknown vulnerability” in its own admin multisig access. The project said that this access existed solely to protect user assets, added that user funds have never been at risk, and insisted that it could have patched any vulnerability that was otherwise reported.

Coinbase Banner  

Though Oasis did not identify the whitehat hacking group behind the recovery strategy, a report from Blockworks suggests that Jump Crypto was responsible. That report also suggests that $140 million worth of assets were recovered after costs.

The fact that Oasis used a questionable method to recover stolen assets will likely cause controversy. Decentralization advocates might argue that the purpose of blockchain is to provide one with sole control over one’s assets — for better or for worse.

Posted In: Solana, DeFi, Hacks

Go to Source
Author: Mike Dalton

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.