“ 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.
