Wormhole is a platform that allows users to transfer cryptocurrency across different blockchains.
The company confirmed in a series of Tweets that 1,20,000 wETH was stolen from the platform and the network was down for maintenance as they looked into a potential exploit.
However, later the firm said the vulnerability was patched and the network was being restored.
Wormhole works on bridging protocol that enables assets to move across various blockchain protocols. When a user sends assets from one chain to another, the bridge locks the assets and mints a wrapped version of the funds on the destination chain.
Hackers recently had stolen cryptocurrency worth $80 million from Qubit Finance, a decentralised finance (DeFi) platform.
Qubit Finance acknowledged the hack, and said in a tweet that the hackers minted unlimited Xplosive Ethereum (xETH) to borrow on Binance Smart Chain (BSC).
Since the launch of Binance Smart Chain (BSC) in 2020, several DeFi projects have suffered hacking, including a hack on Uranium Finance for $50 million in April last year, and an $88 million hack against Venus Finance in May, according to Crypto Briefing.