$140M Stolen Assets Recovered in Crypto Exploit Counter-Attack

• The High Court of England and Wales ordered Oasis to retrieve the stolen assets worth $325 million from Wormhole Bridge Exploit.
• A counter-exploit was initiated by a group of white hats and two crypto firms to claw back a portion of the stolen assets.
• $140 million worth of assets were successfully recovered following a counter-exploit.

Wormhole Bridge Exploit

The High Court of England and Wales recently ordered Oasis to retrieve the stolen assets from the Solana-based Wormhole Bridge, which had been hacked for $325 million after an attacker exploited a security flaw.

Counter-Exploit

A group of white hats along with two crypto firms launched a “counter-exploit” against the malicious entities and managed to claw back a portion of stolen assets tied to the exploit. To incentivize the attackers’ cooperation, Wormhole offered them a $10 million bug bounty and white hat agreement in exchange for returning the funds – but they never obliged. This prompted an investigation with help from government as well as private resources.

Recovered Assets

On 21st February, Oasis received an order from the High Court of England and Wales to take all necessary steps to retrieve assets involved with the wallet address associated with the exploit. A counter exploit was initiated via Oasis Multisig and $140 million worth of assets were returned to an authorized third party. The retrieval was only possible due to approval from those who lost their funds in the initial hack.

Bug Bounty & White Hat Agreement

Incentivizing attackers’ cooperation, Wormhole offered them a $10 million bug bounty and white hat agreement in exchange for returning their funds – but they never obliged which further prompted an investigation with help from government as well as private resources.

Investigation & Security Flaw Patching

The investigation led to successful retrieval of lost funds via counter exploit, followed by patching up of security flaws making it one of largest exploits in crypto history being successfully resolved .

This article was written by admin