This Time It Happened! This Altcoin Attacker Has Hacked – Cryptokoin.com

Oasis Network said it received a court order to recover funds from a connected wallet in the Wormhole attack. The altcoin project was able to get the funds back by upgrading Vault’s smart contract. However, criticism of the protocol’s actions has come from members of the crypto community.

Oasis helped Jump Crypto in the rescue

DeFi protocol Oasis Network said Jump Crypto helped recover some of the funds stolen in the $300 million Wormhole attack in February 2022, according to a February 24 statement. cryptocoin.com As we have reported, the platform announced that it was acting on the orders of the High Court of England and Wales. Following the court ruling, he helped retrieve certain assets from a crypto wallet associated with the Wormhole exploit.

According to Oasis, a Whitehat group informed the team about an unknown vulnerability in the design of administrative multi-signature access. “The access was used only to protect user assets in case of any potential attack,” the team explained. He added that there has been no previous unauthorized access to users’ assets. Jump Crypto has not yet released a statement about the events as of press time.

How the altcoin project hacked the Wormhole attacker

Blockworks was the first to break the news of the counterattack. The media house reported that $225 million of the stolen funds were recovered. According to Blockworks, the attacker kept the stolen funds in the Oasis vault, used them to borrow DAI, and then leveraged DAI on rETH and wstETH. To maintain the margin rate, the hacker used Oasis’ automated vaults.

It turns out that vault contracts are upgradable and Oasis can access vault by upgrading smart contracts. On February 21, Oasis added a sender wallet to its multi-signature and upgraded its automation contract to a new proxy. By doing this, the Sender can process transactions to receive the funds and move the collateral from the vault to a new vault before it is removed from the multisignature.

Different reactions from the community!

Meanwhile, mixed reactions followed the event from the crypto community. While some find the action justified, others believe it is a mockery of DeFi. Adams Cochran, a partner (DAO) at MetaCartel Ventures, said he doesn’t like that “Oasis has a backdoor that allows them to confiscate a user’s assets based on a court order.” Crypto investor Evanss6.eth said the actions set a ‘terrible precedent’. In this regard, “Oasis (MakerDAO) has raised a contract to steal back 120,000 ETH from the Wormhole hacker and return it to Jump. That would set a terrible precedent.”

Several community members also pointed out that the incident overrides the goal of decentralization.

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