BlocksInform
An announcement by Oasis Network on February 24 stated (1) that the platform for decentralized finance (DeFi) had worked with white hat hackers to retrieve assets stolen through Solana's Wormhole bridge.
The cryptocurrency swap known as the vortex was hacked on February 2, and it was believed that about $326 million in digital money was taken. The hacker then moved a portion of those funds into their accounts.
The vortex is the network that links solana with other decentralized financial infrastructure networks (challenge). Due to Solana's ultra-fast transaction speeds and low transaction costs, tokenized assets can be moved between blockchains without disrupting active projects, platforms or communities.
In recent weeks, the operation of the vortex system has been extremely active. The hacker who released $150 million in stolen goods on January 12 has since redistributed more money.
A bunch of good-intentioned pirates. To The Rescue
The developer of the multi-signature portfolio software, Oasis, revealed in a blog post that the pirates of Whitehat have just informed them of "a totally unknown weak point in the layout of the multisig admin access."
Prior to committing the crime, the hacker had invested funds in the multi-sign portfolio software.
Now, in response to a February 21 ruling by the High Court of England and Wales, she took advantage of that default to recover the funds.
Oasis decided to work with a group of ethical hackers known as "white hats" to achieve this objective. On February 16, it came up with a strategy to recover the stolen money.
Tuesday was the day on which both organizations implemented the plan and handed over the recovered assets to a third party granted permission by the court.
As stated in the communique, "we may also confirm that the property was instantaneously transferred to a portfolio held by the authorized third party," which was a requirement of the court order.
Oasis network mentioned in the blog post that they have no access to any of these resources.
Who are black hat hackers?
As far as computer network security is concerned, the best people to contact are "white hat" pirates. Hackers who wear the proverbial equivalent of white hats actively look for and report security vulnerabilities to close those holes in software or hardware before they are exploited in malicious attacks.
Hackers with hostile intent are aimed at disrupting systems, stealing information or damaging systems. These pirates are often referred to as "black hats" or something else.
Though oasis would not reveal the name of the organization of white hat hackers, blockworks said the web 3 business jump crypto infrastructure could be the one responsible for the recovery effort.
As well, the report found that after costs were recorded, a total of $140 million in assets had been recovered.
In the interim, the project maintained that user funds had never been in jeopardy and that they could correct vulnerabilities that had been revealed to them.
The use of a questionable method of collecting stolen money can be controversial, and it can be challenged by decentralization proponents who claim that blockchain technology should give people total authority over their assets.
