Jump Crypto and Oasis Successfully Reclaim Stolen Funds from Wormhole Cross-Chain Bridges

Recently, a highly publicized recovery operation for crypto assets has made significant progress. The funds lost in the Wormhole cross-chain bridges theft incident that occurred in February 2022 have been successfully recovered, thanks to the joint efforts of Jump Crypto and a decentralized lending platform.

Looking back at this incident, about a year ago, the Wormhole cross-chain bridges faced one of the most serious cryptocurrency asset thefts of 2022. Approximately 120,000 ETH were stolen, worth $325 million at the time. After the incident, Jump Crypto injected 120,000 ETH into Wormhole to cover the losses and stated that it would fully support the continued development of Wormhole.

Although Wormhole previously offered a $10 million bounty and a waiver agreement to the hacker in exchange for the return of the funds, they were unsuccessful. A month later, senior executives from Jump Trading Group stated in an interview that they are closely collaborating with government and private resources to track down the criminals, emphasizing that this will be a protracted battle.

After a long effort, Jump finally achieved victory in this recovery operation. According to on-chain analysis, the stolen funds were successfully recovered three days ago.

Analysis shows that Jump Crypto collaborated with a decentralized lending platform to successfully recover stolen funds from the hacker's vault through a series of carefully designed operations. The hacker had previously transferred the stolen funds through various Ethereum applications and recently opened two vaults on a lending platform, establishing leveraged long positions targeting ETH staking derivatives.

The recovery process involves multiple wallet addresses, including a multi-signature address from a lending platform, the address currently holding the recovered funds, and the sending address used for the counterattack. The entire operation is complex and precise, ultimately successfully transferring the funds from the hacker's vault to the wallet controlled by Jump.

Considering the DAI paid for debt repayment, the net gain from this recovery operation is approximately $140 million. This achievement not only demonstrates Jump Crypto's technical strength but also highlights the potential of blockchain technology in combating financial crime.

It is worth noting that many large-scale thefts in the crypto industry are related to cross-chain bridges attacks, such as the Ronin incident that caused a loss of $540 million. However, the transparent and open nature of blockchain also provides powerful tools to combat such crimes.

This incident may spark discussions in the industry regarding the ethics and legality of counterattacks. However, Jump Crypto has successfully recovered most of the stolen funds, while the hacker may have missed the opportunity to receive a $10 million bounty and immunity.