Solana (SOL) Recovers after Wormhole Retrieved Stolen $325M

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  • Wormhole network declared restoring $325M lost to hackers on Thursday.
  • SOL price saw a 6% overnight gain after the platform retrieved the lost funds
  • The wallet associated with the hack holds 93,750 ETH in balance; it is still unclear whether the hacker returned the money.

Solana (SOL) recovered from the downtrends after the largest decentralized finance hack this year. The Wormhole platform declared restoring the funds. The Wormhole is a blockchain platform that bridges several networks, including Solana, Terra, and Ethereum. The hacker took advantage of the vulnerability within Solana’s link.

Solana Recovers from Downswings and DeFi Hack

SOL witnessed declines after Wormhole faced a hacking that had the platform losing $325 million, the top DeFi attack so far in 2022. However, the alternative coin regained its upside momentum hours after the platform retrieved the funds. Jump Crypto, a crypto-dedicated arm by the quant trading firm, restored the money.

Jump Crypto tweeted that Wormhole is an essential infrastructure within a Multichain future. For that reason, it decided to replace 120,000 lost Ether to support the growing Wormhole network and its community members. The bailout showed that fraudsters could not refurbish stolen cryptos.

Meanwhile, Wormhole had declared a $10M bounty to anyone that could help retrieve the $325 million lost to hackers. Meanwhile, the address associated with the theft still has an ETH balance from the exploit. That means the hacker rejected the bounty agreement.

Updates about the DeFi attack on Solana Wormhole triggered negative sentiment for the alt’s price. Solana declined by almost 10% overnight after the Wormhole exploit. However, the alternative coin has recovered from the crash. A crypto trader and analyst @CryptoGodJohn evaluated SOL’s price and observed a test of range lows before Solana kick-starts the next upward move. On the other hand, FXStreet experts trust Solana presents a mixed outlook.

Though Solana recovered from its recent slump, the hacking activity had market players losing faith in the project. Some individuals believe the network focused on transaction speed and forgot about security. Nevertheless, hacking remains a challenge in the crypto space.

Feel free to share your thought in the comment area below.


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