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@Wormhole was hacked for $320 million and only exists today because they were bailed out by the same market maker (Jump Trading) who secretly propped up and profited $1 billion from the TerraUSD ponzi
So I find it a little more than odd that
@Securitize decided, out of all the cross-chain protocols that exist, that the industry's most provably-insecure bridge (of the hacked bridges still alive) was the best suitable solution to secure their tokenized assets
I can only suspect that this decision has little to do with the technical quality or security track-record of Wormhole, but more to do with the financials involved in the deal as this situation smells to me (Securitize and Wormhole are both portfolio companies of
@paraficapital)
Don't get me wrong, I respect all the contributions that the
@Securitize team has made to pushing forward the adoption of tokenized assets on public chains, that just makes this all a bit more disappointing to see
Regardless, the market for tokenized assets is still nascent and we are going to see a proliferation in the number of tokenization platforms that will need actually secure cross-chain protocols, the pie will only continue to grow