Ethereum-Solana Bridge Wormhole Exploited In A Massive $300 Million Hack

The Ethereum and the Solana blockchains has faced a massive hack of a staggering $320 million.

The wormhole network was exploited for 120k wETH. ETH will be added over the next hours to ensure wETH is backed 1:1.

This demonstrates once again that the security of DeFi services has not reached a level that is appropriate for the huge sums being stored within them.

Some market players also pointed out at a transaction worth 80,000 ETH out of a Wormhole address to an address that holds $250 million in ETH.

Ether (ETH) is down 5% while Solana has plunged more than 12% to come back under $100.

Wormhole developers are trying to reach out to the hacker a US$10 million bug bounty offer.

My argument for why the future will be *multi-chain*, but it will not be *cross-chain*: there are fundamental limits to the security of bridges that hop across multiple “zones of sovereignty.