Oasis Network has announced that the firm has teamed up with a group of white hat hackers. The platform stated that the purpose of the collaboration was to recover the assets that had been exploited from the Wormhole bridge of Solana.
Oasis Network Collaborates with Ethical Hackers for Redeeming the Exploited Funds
On the 2nd of February, Wormhole suffered an extreme hack. As per the estimates, the cumulative drained amount of the crypto assets in the respective exploit was nearly $326 million. After exploiting these funds, the hacker transferred a few of them.
Wormhole is a network that links Solana to the rest of the prominent networks dealing with decentralized finance (DeFi) infrastructure.
Because of the cost-effectiveness and high speed of Solana, the transaction of tokenized assets can be done across blockchains without any disruption made to the existing communities, platforms, or projects.
The hacker responsible for attacking the Wormhole Network has been making great efforts in recent weeks. Back in January, the hacker transacted up to $150 million in crypto assets.
The respective hacker redistributed additional assets on February 12, as mentioned by PeckShield (a well-known blockchain security company). Oasis is the platform credited for developing software for multi-signature wallets where the funds were placed by the hacker.
The platform has recently published a blog post in which it disclosed that it was cautioned by white hat hackers regarding a formerly unknown vulnerability.
The respective weakness was present in the accessibility of Oasis’ admin multisig. The company responded to a ruling issued by an England and Whales-based High Court on February 21.
In its response, the platform exploited the respective flaw in an attempt to redeem the cash. In this respect, Oasis initiated collaborating with a team of white hat hackers to accomplish the recovery of the exploited funds.
The hackers contacted by the platform were those who cautioned it regarding the vulnerability on the 16th of February. At that time, they had pointed out a method to recover the stolen assets.
Both parties initiated operating on the strategy planned by them and sent the recovered funds to a 3rd party. The respective platform had been permitted by the court to receive the respective funds.
The latest announcement of Oasis discloses that the platform confirms the instant delivery of the assets onto a wallet managed by a permitted 3rd party in line with the court order.
Nonetheless, the company added that it does not have any control over the respective assets at the moment. “White hat” hackers are known as ethical hackers who provide their services to protect networks from bad actors.
These hackers keep an eye on the vulnerabilities of the networks and notify them to carry out possible remedies before they get exploited by malicious people. On the other hand, the bad actors who exploit such vulnerabilities are known as “black hat” hackers. They attempt to steal information from the network, compromise their systems, or disrupt them.
The Platform Redeems Crypto Assets of $140 Worth
Though the white hat hackers’ identity has not been disclosed by Oasis, the reports pointed out that a lot of effort might have been made by Jump Crypto to recover the funds. The reports also brought to the front that approximately $140M worth of crypto funds had been recovered.