DeFi platform Oasis seized assets related to the Wormhole cross-chain bridge hack that occurred in February 2022. The operation was authorized by a British court.
A statement regarding the transactions from the oasis multisig on 21st Feb 2023 https://t.co/ua78BAAEj4
— Oasis.app 🌴 (@oasisdotapp) February 24, 2023
“On February 21, 2023, we received an order from the High Court of England and Wales to take all necessary measures to extract certain assets associated with a wallet address associated with the Wormhole hack,” the message says.
To extract assets, the developers used a vulnerability in the multi-signature administrator access mechanism, which was previously discovered by an unnamed white hat hacker. According to the statement, in accordance with the court decision, all funds were transferred to a wallet “controlled by an authorized third party.”
Oasis emphasized that the mentioned mechanism was created in order to protect users’ assets in case of malicious attacks. It also allows the project team to quickly fix bugs in the codebase.
According to Blockworks Research, the confiscated funds were transferred to Jump Crypto, a venture capital company behind Wormhole. Last year, it provided funding to compensate for the loss of users of the cross-chain bridge.
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3 days ago, +120k wstETH and +3k rETH ($225M) was counter exploited from an Oasis vault owned by the Wormhole Network Exploiter 0x62.
0x62 used these vaults to borrow DAI and lever long wstETH and rETH.
But how could the assets of another user be seized?
— Blockworks Research (@blockworksres) February 24, 2023
The analysts explained that the address associated with the Wormhole hack used the Oasis platform to deposit funds into the Maker Protocol and then borrow the DAI stablecoin.
According to the report, after paying off the debt, assets worth about $140 million were transferred to Jump Crypto wallets.
MakerDAO explained that they have no control over the service providers that provide users with access to Maker vaults. At the same time, the “official smart contracts” of the platform itself do not depend on third-party teams.
Firstly, MakerDAO does not have control over any of the frontend providers or products that enable end-user access to Maker Vaults.
Furthermore, none of the available frontends that connect to the Maker Protocol are developed or maintained by MakerDAO.
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— Maker (@MakerDAO) February 25, 2023
Recall that on the night of February 3, 2022, attackers used an exploit and withdrew 120,000 WETH from the Wormhole pool (over $319 million at the exchange rate at that time).
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