Jump Trading Backstops Wormhole’s $320M Exploit Loss: Sources

Posted on by American Coins & Gold

Jump Trading Backstops Wormhole’s 0M Exploit Loss: Sources
After one of the most devastating exploits in crypto history, the parent company for a popular cross-blockchain bridge has stepped in to backstop funds – a move that may have prevented widespread damage in the Solana decentralized finance (DeFi) ecosystem.On Wednesday night, the Wormhole bridge suffered an exploit to its Solana-Ethereum bridge, with an attacker fraudulently minting 120,000 ETH worth over $320 million. The attacker moved the majority of the funds to the Ethereum main chain, while keeping 40,000 wrapped ETH on Solana and trading portions of that ether for other assets.On Thursday, three sources familiar with the matter confirmed…