• DeFi application Oasis stated it received an order from the High Court of England and Wales to execute the exploit.
  • Oasis revealed that a Whitehat hacker group identified the possibility and reached out to the team last week.
  • The Wormhole hack was one of the biggest crypto attacks in 2022, where the exploiter stole nearly $320 million worth of wETH.

The crypto market faces cyber attacks in the form of hacks and exploits every now and then, and for most parts, retrieval of lost assets is considered a lost cause. However, when it came to the Wormhole hack from February 2022, the victims turned things around for the first time.

Oasis retrieves $140 million

In a blog post on Friday, the decentralized finance (DeFi) platform Oasis confirmed that it had managed to retrieve crypto assets worth $140 million tied to the Wormhole hack from last year. The platform stated that it had received an order from the High Court of England and Wales to "take all necessary steps that would result in the retrieval of certain assets".

The exploit was carried out along with a court-authorized third party and Oasis's own Multisig. The decentralized application further stated that the assets recovered were immediately sent to the court-authorized third-party wallet. Commenting on how it came to happen, Oasis stated,

"Our team first became aware of the possibility to assist in the retrieval of the assets after a Whitehat group reached out to the team on the evening of Thursday 16th February 2023, that showed it would be possible to retrieve the assets and provided a Proof of Concept on how it could be achieved."

The Oasis platform also issued a statement to its users saying that this access was in place only to protect users' assets. This access enabled the platform to patch any vulnerability during a potential attack and prevent exploitation of its users' assets.

Wormhole hack after a year

Since the exploit in February last year, not many advances were made when it came to the retrieval of assets until this week. The exploit, which is considered one of the biggest in the history of crypto, led to $320 million worth of wETH being stolen by the attacker.

The most recent update regarding the same was activity noted by a wallet suspected to be associated with the hacker. As reported by FXStreet, $256 million worth of ETH could be seen being shuffled around last month as the hacker converted the stolen ETH to wstETH and then took out loans of almost 14.1 million DAI. No updates regarding the identity of the hacker have come forth.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin bull market is still going strong, on-chain data shows

Bitcoin bull market is still going strong, on-chain data shows

Bitcoin’s (BTC) price outlook remains positive in the short term despite its recent stabilization, on-chain data suggests, propelled by easing selling pressure by long-term holders and activity from large-wallet investors. 

More Bitcoin News

Dusk price sets the stage for a 20% rally

Dusk price sets the stage for a 20% rally

Dusk price is currently being rejected at around $0.426 level. The on-chain metric suggests DUSK growing network and dormant wallets are moving upwards again. A daily candlestick closing below $0.286 would invalidate the bullish thesis.

More Cryptocurrencies News

Digital asset inflows reach record high year-to-date

Digital asset inflows reach record high year-to-date

CoinShares' weekly digital asset flows, released on Tuesday, reveal that digital assets recorded a three-week consecutive rise in inflows, amounting to a record high of $14.9 billion already this year.

More Cryptocurrencies News

Bitcoin long-term holders begin re-accumulation after Semler Scientific and Mt Gox make major whale moves

Bitcoin long-term holders begin re-accumulation after Semler Scientific and Mt Gox make major whale moves

Bitcoin declined briefly from the $70,000 mark on Tuesday as Semler Scientific and Mt Gox made notable whale moves. Glassnode also shared key on-chain insights that breathe clarity into the market's current state.

More Bitcoin News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis

BTC

ETH

XRP