The Oasis Platform Confiscated Assets Stolen as Part of the Wormhole Hack

The Oasis Platform Confiscated Assets Stolen as Part of the Wormhole Hack

DeFi platform Oasis seized assets related to the Wormhole cross-chain bridge hack that occurred in February 2022. The operation was authorized by a British court.

To extract assets, the developers used a vulnerability in the multi-signature administrator access mechanism, which was previously discovered by an unnamed white hat hacker. According to the statement, in accordance with the court decision, all funds were transferred to a wallet “controlled by an authorized third party.”

Oasis emphasized that the mentioned mechanism was created in order to protect users’ assets in case of malicious attacks. It also allows the project team to quickly fix bugs in the codebase.

According to Blockworks Research, the confiscated funds were transferred to Jump Crypto, a venture capital company behind Wormhole. Last year, it provided funding to compensate for the loss of users of the cross-chain bridge.

The analysts explained that the address associated with the Wormhole hack used the Oasis platform to deposit funds into the Maker Protocol and then borrow the DAI stablecoin.

According to the report, assets worth about $140 million were transferred to Jump Crypto wallets after paying off the debt.

MakerDAO explained that they have no control over the service providers that provide users with access to Maker vaults. At the same time, the “official smart contracts” of the platform itself do not depend on third-party teams.

Recall that on the night of February 3, 2022, attackers used an exploit and withdrew 120,000 WETH from the Wormhole pool (over $319 million at the exchange rate at that time).

    Newsletter | Every weekday

    Smart Central News Weekly Briefing

    Only top industry news of the week in your inbox