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Wormhole, one of the most notorious cross-blockchain bridges may have been a victim of a cyberattack that wiped out $326 million from the ecosystem on Wednesday.

The project’s official Twitter account confirmed in a tweet that the bridge is currently down, as the developers exploit a potential attack. The platform’s website reads, “Portal is Temporarily Unavailable.”

On-chain analysts raised alarm about 80,000 Ether (ETH) transactions from Wormhole to an address that currently owns over $250 million worth of ETH. According to another developer, the hacker also managed to keep 40,000 ETH on the Solana network.

In a tweet, prominent pseudonymous Paradigm security researcher “samczsun” said that the Wormhole team has reached out to the exploiter’s address on the Ethereum network, offering a $10 million bounty for returning the funds.

holy fuc*ing shit @wormholecrypto is not having a good time right now pic.twitter.com/Q6tcqAngCL

— samczsun (@samczsun) February 2, 2022

The hack has resulted in scrutiny among DeFi enthusiasts because the hack might suggest that ETH that has been bridged to Solana may be unbacked. Cross-blockchain bridges often work by taking an asset, such as ETH, and locking it in a contract to issue a parallel asset on the bridged chain.

“ If nobody backs it and the coins are truly gone then Wormhole ETH is worth 0 and everyone who has a balance of it becomes worthless, DeFi protocols, users, everyone," George Harrap, founder of Solana DeFi platform Step Finance, said.

In a follow-up tweet, Wormhole confirmed a total loss of 120,000 ETH and said that funds would be added to the bridge to backstop the wrapped ETH on Solana, though the team did not specify who would provide the funds.