If there’s one thing more shocking than the fact that a hacker was able to exploit a software bug and drain some $320 million worth of cryptocurrency from something called Wormhole, it’s this: Backers of the project were able to replace the pilfered tokens in a matter of hours.
In another, not-so-distant era, this was the type of coding bug that could have threatened to put a traditional financial firm out of business. In fact, that almost happened to Knight Capital Group Inc. a decade ago. The electronic market-maker was driven to the brink of bankruptcy by some bad code, before a dramatic bailout among many of Wall Street’s best-known shops allowed it to avoid Chapter 11. The firm was later taken over by a rival.