BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Ethereum

Wrapped Ethereum saga unfolding, hack or “true” shortage

by Abimbola Adu
Nov 28, 2022 - 12:00 am
in Ethereum
Wrapped Ethereum saga unfolding

 In the early hours of November 28, 2022, a crypto enthusiast revealed some information regarding the recent wETH depeg on Twitter. 

https://twitter.com/bantg/status/1597030780924211200?s=20&t=4wI8JWKDR7UGqO2VHqkfhQ

He further claimed that after carefully examining 90 million transactions, withdrawals, and deposits, he had found that there was a discrepancy between the total supply reports and the outstanding wETH balance, indicating that wETH has been unknowingly exploited since 2019.

The user explained two ways for the possible hack to occur. First, from his research, he found out the hacker was able to send Ethereum without alarming the smart contract, and in his tweet, he explains that there are two ways to go about it. 

 It could either have been done by a hacker who set it up as a block reward recipient, which will only update the state and not start a contract. 

Or self-destruct, which automatically destroys all smart contracts and sends the ETH to another address without triggering the contract.

Bang believes the hacker used the latter, and if his calculations are correct, then the wETH loss in value was no accident but a masterfully crafted con. This is not the first time such a thing has happened in the crypto industry.

Before wETH, the most recent hack was on Aave when a crypto trader tried to exploit a position on the network. However, it didn’t succeed and left the platform with debts up to $1.6 million. 

The hacker was also reported to be responsible for the Mango Market hack, incurring a $100 million debt for the Solana-based platform.

Another example is the FTX exchange and its sister platform, Alameda Research, which went bankrupt a few weeks ago after it was accused of mishandling customers’ funds and fraud, which turned out to be true.

However, a day after its CEO, Sam Bankman Fried, filed for bankruptcy and resigned, FTX was hacked overnight, resulting in a loss of over $600 million on the platforms and users’ funds. 

Nevertheless, some believe it was a last-minute move by the ex-CEO or by one of his developers not to leave empty-handed or complete his fraud scheme.

But there is presently no concrete evidence to back up that claim. Therefore, it remains the activity of an anonymous hacker as far as the facts are concerned.

Although the public is not yet aware of the hack or shortage of that part, it is clear that in the coming months the event’s true nature will come to light. 

Tags: ETHEthereumwETH
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

Related Posts

SharpLink Gaming logo with Ethereum symbol representing $1B crypto investment plan

SharpLink Gaming to Buy $1B in Ether, Embracing Ethereum Treasury Strategy

May 31, 2025

SharpLink Gaming eyes $1B ETH purchase after share offering, adopting Ethereum strategy that earned it the title “Ethereum’s...

Ethereum price retraces to $2.3K after strong rally as trading volume spikes

Ethereum Retraces to $2.3K After Strong Rally as Analysts Eye Renewed Upside

May 19, 2025

Ethereum retreats to $2.3K after surging to $2.7K. Despite pullback, analysts expect a new rally if key support...

A graphic showing Ethereum’s price volatility and decline in 2025

Ether Now Trades ‘Like a Memecoin,’ Says Two Prime as ETH Drops 45% in 2025

May 2, 2025

Two Prime drops Ethereum, says ETH is now “like a memecoin” as it falls 45% YTD. The firm...

A graphic showing Ethereum’s price volatility and decline in 2025

Ethereum Aims to Simplify Crosschain Transactions With New Token Standards

May 1, 2025

Ethereum targets smoother crosschain UX with ERC-7930 and ERC-7828, standardizing address formats for humans and machines across chains.

Press Releases

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

BTC

Popular Memecoin MEW Pledges $10,000 to Pasadena Humane Organization to Aid Animals Affected by California Wildfires

January 20, 2025

MEW memecoin donates $10K to Pasadena Humane for wildfire-affected animals. Join the mission to aid pets and wildlife in crisis...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise