Nomad Bridge hacked for $ 190 million


Hundreds of copycat hackers and even some white hat benefactors trying to recover the funds appear to have removed all of the $ 190 million of assets stuck in the bridge in just a few hours!

New major cryptobridge hack

Apparently, there was a security hole in Nomad Bridge that allowed hackers to recover a significant portion of the bridge’s funds during a long chain of transactions.

Almost all of the $ 190.7 million worth of cryptocurrencies has been removed from the bridge.and according to DefiLlama, a decentralized finance monitoring platform (DeFi), there is only $ 651.54 left in the portfolio. However, Nomad later suggested to Cointelegraph that some of the funds had been withdrawn by “friends with a white hat”. raised funds to save them.

The Nomad bridge will be sold out, your funds may be at risk and you can still withdraw your remaining funds ⚠️

– stani.lens (🌿, 👻) (@StaniKulechov) August 1, 2022

The first suspicious transaction that could be behind this hack occurred at 21:32 UTC when someone managed to withdraw 100 Wrapped Bitcoin (WBTC) from the bridge. estimated at approximately $ 2.3 million.

Shortly after the community raised the alarm about this potential hack, The Nomad team was confirmed at 23:35 UTC. to be aware of the “Bridge Nomad incident”, adding that he is “currently investigating the incident”.

Nomad said in an email response to Cointelegraph on Tuesday that at least some people took the money. acted kindly Protect cryptocurrencies from falling into the wrong hands. The team added that they used the services of “leading blockchain forensic and intelligence firms”:

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Nomad has notified law enforcement and is working tirelessly to resolve the situation and provide updates. Nomad’s goal is to identify affected accounts, track and recover funds. Nomad is grateful to his many white hat friends who responded quickly to withdraw funds and save money.

White hats at work?

So far, at least one person has offered to act as such White hat and making money on the bridge. A person known on Twitter as Notifi Bot contacted Nomad in a tweet stating, “This is a white hat hack. I’m going to give the money back. “

This is a white trick. I intend to return the money. An official communication is awaited from the Nomad team (please provide an email address for communication). I have not traded any assets even knowing that USDC may be frozen. US Dollars Transferred …

– Notifi Bot (@notifi_xyz) August 2, 2022

During this incident, WBTC, Wrapped Ether (WETH), USD Coin (USDC), Frax (FRAX) or Card Starter (CARDS) tokens were stolen. Hackers have Tokens removed in an unusual way, as each token was withdrawn with almost the same denomination. For example, the trades were made for exactly 202,440.725413 USDC. over 200 times.

Nomad is a bridge that allows you to transfer tokens between Avalanche, Ethereum, Evmos, Milkomeda C1 and Moonbeam. Unlike other rampant hacks in 2022, this event already has hundreds of addresses receiving tokens directly from the bridge.

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Stationary moon beam

Meanwhile smart contract platform Moonbeam Polkadot network, whose native GLMR token was one of the targets of Nomad’s hack switched to maintenance mode at 23:18 UTC “to investigate a security incident”. As a result, Moonbeam features such as normal user transactions and interaction with smart contracts have been disabled.

1 / Important note: the Moonbeam network has entered maintenance mode to investigate a security incident related to a smart contract deployed on the network.

– Moonbeam Network #HarvestMoonbeam (@MoonbeamNetwork) August 1, 2022

This attack hit the bridge hard, which Fundraising in April. On Friday, the project revealed in a tweet that Coinbase Ventures, OpenSea and five other major cryptocurrency companies participated in this initial fundraiser in April, allowing Nomad to reach valuation $ 225 million. So this hack carries a risk Hit the bridge image for investors and users.

Security is an important issue, especially for bridges, which are particularly vulnerable, as Vitalik Butterin reminded us, especially right after the wormhole case. Well aware of this fact, projects like Lucky Block has strengthened his security to avoid any attack and future embezzlement.

To learn more about DeFi hacks, check out our article here.

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