The cross-chain protocol in the Solana ecosystem, Wormhole, initially allocated tokens to wallets belonging to one or more hackers during its latest airdrop event. A crypto user with the pseudonym Pland on X pointed out that the Wormhole team forgot to exclude the attacker from the airdrop event by not flagging the approved addresses in the project’s eligibility checker.
Major Oversight by Wormhole Team
Hack associated addresses were allocated about $38,000 worth of 31,600 W tokens. Although the tokens were initially assigned to these addresses, they were later removed from the airdrop event according to a source following the situation. The addresses belonged to a hacker who seized 120,000 ETH from the interoperability protocol in 2022. The hacked amount, worth about $323 million at the time, made the attack one of the biggest in the history of decentralized finance.
CoinGecko’s data indicates that Wormhole’s airdrop event has attracted significant interest in the crypto community since its initial announcement, with $1.25 billion worth of W tokens traded since the event began. The price of W token, which rose to $1.66, experienced a volatile day. At the time of writing, the W token is priced at $1.21.
Airdrop Events in the Blockchain Space
Solana ecosystem’s recent airdrop events have created a significant income source for Web3 users. The growing interest in the Solana ecosystem has led to a rise in Solana’s price. The notable hype not only affected the Solana ecosystem but also sparked great interest across other blockchain networks.
Upcoming airdrop events by popular Layer-2 network zkSync and cross-chain protocol LayerZero are causing significant discussions within crypto communities. Developments related to these airdrop events are being closely monitored by Web3 users.
Despite recent hack attacks and rug-pull scams in blockchain ecosystems causing investors to lose interest, measures taken against hack attacks are enabling secure transactions for investors.
