1/ Starting with the hack:
Wormhole has been in the news last week as Jump crypto was able to recover $200M from the major hack that happened by reverse-hacking the hacker.
All the details are covered by this thread by @blockworksres.
Wormhole has been in the news last week as Jump crypto was able to recover $200M from the major hack that happened by reverse-hacking the hacker.
All the details are covered by this thread by @blockworksres.
2/ A TLDR of the hack recovery was @oasisdotapp (a front-end to @MakerDAO) upgraded one of their contracts where the hacker was holding stolen funds and redirected it back to Jump.
3/ The method that the funds were recovered sparked a lot of debate in the community, as people argue that a self-proclaimed DECENTRALIZED finance protocol should not partake in seizing and returning funds to private entities, even in the context of a hack.
4/ The reverse-hack also raises a lot of concerns around protocols that operate on the multi-sig system.
How decentralized are these protocols that we're so used to relying on. How many people/organizations does it take to execute major decisions?
How decentralized are these protocols that we're so used to relying on. How many people/organizations does it take to execute major decisions?
5/ The Wormhole bridge is managed by 19 multisig system called "Guardians".
The multisig is operated by the well-known crypto venture capital firm @jump_.
The multisig is operated by the well-known crypto venture capital firm @jump_.
6/ . @wormholecrypto's main bridge Portal services an array of ecosystems ranging from #EVM chains to @Solana, @Algorand, @NEARProtocol, @Aptos_Network and others.
portalbridge.com
portalbridge.com
7/ The Portal Bridge also allows for the bridging of NFTs cross-chain as well.
It allows you to lock your NFT on the bridge and mint a Wormhole-wrapped version of your NFT to your destination chain.
I find that an interesting offering, as you can wrap any NFT you'd like.
It allows you to lock your NFT on the bridge and mint a Wormhole-wrapped version of your NFT to your destination chain.
I find that an interesting offering, as you can wrap any NFT you'd like.
8/ Wormhole enables its cross-chain messaging through its network of "Guardian" nodes that verify the message emitted by the origin chain and relays the message to the destination chain.
9/ You can find all the technical info you're looking for here:
docs.wormhole.com
docs.wormhole.com
If you want to learn more about the bridging ecosystem, be sure to check out my Ultimate Thread on the Bridging Ecosystem below:
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