High Court of England and Wales Orders Oasis to Reclaim Stolen Funds
Oasis, the decentralized finance (DeFi) platform, has successfully retrieved assets linked to the $140 million exploit of the Wormhole bridge last year. The platform used its own multi-signature wallet software, which the hacker had deposited funds into, Oasis to recover the stolen crypto. Following a court order from the High Court of England and Wales on February 21, Oasis exploited a vulnerability in the design of the admin multisig access to seize the funds. The funds were then returned to an authorized third party.
Oasis has stressed that the admin multisig access was only intended to protect user assets in the event of a potential attack. The company claimed that it would have used the access to quickly patch any vulnerabilities in the system. Whitehats recently informed Oasis of a previously unknown vulnerability, which prompted the company to seize the funds.
Read More: EminiFX CEO Set to Plead Guilty in Alleged $59M Ponzi Scheme
Jump Crypto Identified as Wallet Owner
The seized assets were returned to an authorized third party, according to the company’s statement. A Blockworks article revealed that the wallets that received the seized funds belonged to Jump Crypto, the developer of Wormhole. However, Jump Crypto has not issued a statement on the matter.
The successful recovery of the stolen Crypto highlights the importance of maintaining robust security measures in the crypto space. The use of multisig wallets, where multiple signatures are required to authorize transactions, is one way to secure digital assets. The incident also underscores the need for prompt action to address vulnerabilities in the system to prevent further exploits.
