Jump Crypto and Oasis Recover 120000 ETHs Stolen by Wormhole

02/25/2023 00:36 • Blockchain Briefs • 88 views

It is reported that 120000 ETHs stolen by Wormhole last year due to hacker attacks have been recovered by Jump Crypto three days ago. Jump Crypto, in cooperation with Oasis, attacked the scalable Oasis contract, obtained stolen funds from the Wormhole hacker’s vault, and transferred collateral and debt from the attacker’s vault to its own vault. Oasis said that it received an order from the High Court of England and Wales to recover the assets of the wallet address related to the Wormhole vulnerability on February 2, 2022. This is carried out according to the requirements of the court order, using multi-signature and a third party authorized by the court. As required by the court order, these assets were immediately transferred to the wallet controlled by the authorized third party.

Jump Crypto recovered 120000 ETHs stolen from Wormhole

Analysis based on this information:

Last year, a hacker attack resulted in the theft of 120000 ETHs from Wormhole. However, three days ago, Jump Crypto announced that they and Oasis had recovered the stolen funds. Jump Crypto collaborated with Oasis to launch an attack on the scalable Oasis contract, after which they were able to retrieve the stolen ETHs from the hacker’s vault. They then proceeded to move the collateral and debt from the hacker’s vault to their own.

Oasis stated that they had received an order from the High Court of England and Wales to recover the assets associated with the wallet address vulnerable to the Wormhole attack. The recovery process was carried out in accordance with the court order, using multi-signature and a third-party authorized by the court. As per the court’s requirements, the assets were immediately transferred to the third-party-controlled wallet.

The recovery of 120000 ETHs stolen by Wormhole is significant news for the cryptocurrency industry as it highlights the importance of asset recovery and the role of the court in facilitating this process. With cryptocurrency theft on the rise, the recovery of the funds will undoubtedly bring relief to the owners who had invested in Wormhole. It is worth noting that Jump Crypto and Oasis’s success in retrieving the stolen assets rests on their capability to counter the scalability of the Oasis contract.

It also speaks to the larger issue of security and the need for better measures to prevent hacker attacks. This is significant because while cryptocurrency presents an opportunity for individuals to invest and earn profits, the risk of theft is still high. The ability of Jump Crypto and Oasis to successfully recover the assets highlights the possibility that asset recovery is becoming a more feasible solution.

In conclusion, the recovery of 120000 ETHs stolen by Wormhole is a clear indication of the importance of asset recovery in the cryptocurrency industry. It emphasizes how the court can play a significant role in securing justice and ensuring that hackers are held accountable. The collaboration between Jump Crypto and Oasis underscores the need for security measures, highlighting the scope for implementing better solutions to prevent such occurrences in the future.

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Jump Crypto and Oasis Recover 120000 ETHs Stolen by Wormhole

Jump Crypto recovered 120000 ETHs stolen from Wormhole

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