Wormhole confirms all $320 million in funds have been restored

Solana has another hiccup on its road to being an Ethereum killer. Read the full article by Jordan Major

Ethereum competitors have a big year ahead as a lot of them are working on smart contract applications like Cardano and Polkadot. DOT has been adding parachain slots where projects have won a spot to be a part of the network. Once these growing ecosystems have products that can compete with the ones on ETH they will take more market share but they will have their bumps in the road too.

Solana has a lot of potentials as well but they are seeing a lot of growing pains. We have talked about their outages over the last couple of months but yesterday they were exploited for over $300 million from the Wormhole bridge which links together Solana and Ethereum. The hacker exploited a bug that allowed him to mint 120,000 wETH.

The good news is that this morning they announced that all the stolen funds had been returned. In the meantime, the wormhole application will be down for maintenance while they look into how the exploit happened. Solana does have a lot of big backing and is also very popular with the growing NFT community because of its low fees.

The biggest issue with crypto is the amount of many that gets stolen seemingly every day by hackers or scammers. It is a black mark on the space that deters a lot of would-be investors and also turns off the people who were exploited. As the years go on and the technology advances this will happen less and less but for the time being everyone has to be extremely careful with what platforms they invest their money in.