Table of Contents:

· 2.25 billion, the largest financing in the encryption field in 2023.

· Have you recovered from the stolen event?

· Wormhole is going to airdrop?

On November 29th, Wormhole completed a funding round with a valuation of $2.5 billion. The round did not have a lead investor and included participation from Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dilectic, Borderless Capital, Arrington Capital, and Jump Trading.

2.25 billion, the largest financing in the encryption field by 2023

This round of financing is also the largest round of financing for cryptocurrency projects in 2023.

"Everyone (the capital side) is almost the same," said Dan Reecer, Chief Operating Officer of Wormhole Foundation, in an interview with Fortune. In addition, the shares of investors in this round of financing will be entirely composed of token subscription rights, rather than company equity. These subscription rights are a common fundraising mechanism for cryptocurrency companies, giving investors the right to obtain a portion of the total supply of cryptocurrency that has not yet been launched.

Aside from raising $225 million, the team behind Wormhole has also announced the establishment of a new company, Wormhole Labs, to assist in the development of a new protocol. Saeed Badreg, CEO of Wormhole Labs, declined to disclose the allocation ratio between Wormhole Labs and Wormhole Foundation in the $225 million.

Recovering from a Theft Incident?

Wormhole was launched by blockchain infrastructure company Certus One in October 2020, initially adopting a direct token bridge between the Ethereum and Solana ecosystems. The protocol's second version was released by Jump Crypto's internal developers in August 2021, utilizing a Proof of Authority (PoA) guardian network as an oracle and an unlicensed relay network to transmit messages across chains. It supports seven different blockchains, including Solana, Terra, Avalanche, Ethereum, Oasis, Binance, and Polygon. Around the same time, Certus One was acquired by Jump Crypto.

In February 2022, less than a year later, Wormhole was hacked and lost 120,000 ETH (valued at approximately $326 million at the time), making it one of the largest recorded hacks of its kind.

Later on February 4th, Jump Crypto announced an investment of 120,000 ETH to compensate for the stolen funds of Wormhole and support its continued development. Jump Crypto believes in the future of multi-chain technology and sees Wormhole as an essential infrastructure, and therefore will continue to support its growth.

The post-attack analysis report stated that the vulnerability of Wormhole in this attack event was specifically due to an error in the signature verification code of the core Wormhole contract on the Solana side, which allowed attackers to forge messages from "guardians" to mint ETH wrapped in Wormhole.

Until February 25th of this year, Jump Crypto successfully recovered 120,000 ETH stolen from Wormhole. According to Blockworks Research's analysis of on-chain data, Jump Crypto and Oasis collaborated to use upgradable Oasis contracts to successfully retrieve the stolen funds from the original Wormhole Exploiter's vault, as shown.

Afterwards, the operation of Wormhole has been running smoothly. On November 18th, Bloomberg reported that senior employees, including Wormhole CEO Saeed Badreg, would resign from Jump Crypto to independently operate Wormhole.

This move is seen as Jump Crypto's continued reduction of its cryptocurrency business, and the newly established Wormhole Labs is also seen as proof of Jump Crypto's complete split with Wormhole.

Wormhole is going to airdrop?

On April 1, 2022, there were reports that the Wormhole project planned to sell 750 million HOLE tokens to institutional investors at a price of $0.25 per token, accounting for 7.5% of the total supply. The tokens would be locked for one year and released linearly over three years. However, Wormhole did not launch the token sale as planned.

Due to the large financing news this time, as well as the official staff's announcement in the Wormhole Discord channel that exclusive "early" roles will be provided to all members of the Discord server. Many people speculate whether Wormhole is going to issue coins again?

There is also a tutorial post in the community that teaches you how to interact with Wormhole. The first step is to enter Wormhole's Discord. However, as of the time of writing, the Discord has over 110,000 members. Due to the overwhelming number of new users, new members have been unable to join the channel since last night and have been stuck at the verification page. When attempting to join the channel, BlockBeats reporters also failed to pass the verification page.

According to community sources, the official staff announced in the Wormhole Discord channel that the "early" role grant period will end at 6:40 am local time on November 30th.

Here is the Wormhole interactive tutorial translated by BlockBeats reporter. Link to the tutorial.

First of all, the previous strategy can remain unchanged, and more networks and quantity are the key, which is always correct. The interaction between bridges and DEX/aggregators is very simple. Here are some new interactive contents:

· Use the Portal Bridge (https://www.portalbridge.com/)· Use Carrier Bridge (https://www.carrier.so/)

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