Oasis “Hacked Itself”, To Recover $140 Million in Wormhole Attack Damage

The Key Points

The project is a specialist in building vaults that lend money and pay interest. It has connections to MakerDAO, DAI and MakerDAO. 120,000 ETH worth $140 Million have been successfully retrieved.

Oasis’s moves are causing quite a stir in crypto world on Twitter. Many claim that they will set a dangerous precedent that could jeopardize blockchain’s immutability.

According to reports Oasis helped Jump Crypto invest fund recover $140 million in ETH that was lost in the Wormhole bridge attack of February 2022.

Oasis, a project that specializes in building vaults to borrow money and earn interest, released a press release on February 25. It stated that it had successfully recovered 120,000 Ethereum. This was $140 million. The item must be removed from the Wormhole bridge attack. Importantly, the unit claims to be directed by the Supreme Court of England & Wales to pursue all avenues of recovering the money.

In February 2022, the Wormhole bridge that connects Solana and Ethereum was hacked, resulting in the loss up to 120,000 ETH. This was worth $325 million at that time. The Jump Crypto investment fund, which sponsored Wormhole, stated that it would spend money to repair the damage within a matter of hours.

Oasis revealed that an attacker used their vault solution and multisig wallet at the end of January 2023 to store dirty assets, before engaging in liquid staking Ethereum. Oasis was hacked by a white-hat hacker on February 16, 2023. He discovered a flaw in the design of multisig access and used that bug to trick the hacker’s wallet to transfer assets out. Outside, and all the money was returned through a series transactions that were made on February 21.

The funds recovered have been transferred to an “approved third party”, most likely Jump Crypto. Oasis stated that the above step was taken to protect user interests in the event of an attack and allow us to quickly repair the flaw. There have been no reports yet of illegal access to user assets by Oasis.

Oasis’ actions are sparking considerable debate in the crypto community on Twitter. Many claim that they will set a dangerous precedent that could threaten the immutability and possibility of the DeFi projects. The law requires you to engage in the “self-hacking.”

It is worth noting that Oasis’ wallet was a non-custodial one. This is because the user retains the private keys and has full authority. This means that this unit cannot unilaterally act in this way.

Jump and Wormhole have not yet made an official comment about the event.

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