Wormhole, a cross-chain protocol in the Solana ecosystem, made a significant error during its recent airdrop event by allocating tokens to wallets believed to be owned by hackers. An individual named Pland on X pointed out that the Wormhole team failed to prevent the attacker from participating in the airdrop by not flagging their addresses in the eligibility checker.
Oversight by Wormhole Team
The addresses linked to the hack received around $38,000 worth of 31,600 W tokens before being removed from the event. These addresses were traced back to a hacker who managed to steal 120,000 ETH from the protocol earlier in 2022, a theft valued at around $323 million back then, marking it as one of the largest attacks in decentralized finance history.
CoinGecko reports show that Wormhole's airdrop event captured the attention of the crypto community, with a trading volume of $1.25 billion in W tokens since its initiation. Although the W token price hit $1.66 and experienced volatility, as of now, it stands at $1.21.
Airdrop Events in the Blockchain Space
Airdrops in the Solana ecosystem have become a lucrative source of income for Web3 users in recent times. The growing interest in Solana has not only boosted the ecosystem's value but has also generated interest within other blockchain networks.
Upcoming airdrop events by popular networks like zkSync and LayerZero are generating significant buzz in crypto communities. Web3 users are closely following the progress of these events.
Despite the rise in hack attacks and rug-pull scams within blockchain ecosystems that are discouraging investors, the proactive measures being taken against these threats are enhancing security for transactions.
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