Wormhole
Injective partners with Wormhole to bring 10 new blockchains to the platform
Decentralized finance (DeFi) protocol Injective (INJ) has partnered with Wormhole to integrate “10 new blockchains” to its network. Injective is a Cosmos layer-2 decentralized exchange (DEX) that offers derivatives, token swaps and sports betting prediction markets. It is also focused on interoperability via cross-chain bridging, and currently supports digital assets from Ethereum, Polkadot and IBC-enabled chains such as Cosmos. Injective Labs, the protocol’s developers, noted in a May 25 announcement that the partnership will enable users to transfer and trade assets across any chain that is integrated with Wormhole. “The Wormhole integration will vastly enhance Injective’s capabilities with respect to interoperability. Users will soon find Wormhole integrated into the backend of the Inje...
Wormhole token bridge loses $321M in largest hack so far in 2022
The Wormhole token bridge experienced a security exploit today, resulting in the loss of 120,000 wETH tokens ($321 million) from the platform. Wormhole is a token bridge that allows users to send and receive crypto between Ethereum, Solana, BSC, Polygon, Avalanche, Oasis, and Terra without the use of a centralized exchange (CEX). This is the largest crypto hack of 2022 so far and the second largest DeFi hack to date. The Wormhole team has offered a $10M bug bounty for the return of the funds. The hack took place on the Solana side of the bridge and there are fears Wormhole’s bridge to Terra could be similarly vulnerable. The Wormhole team has assured the community that its ETH supply would be replenished to “ensure wETH is backed 1:1,” but there is no word yet on where those funds will com...
