Nomad: A Security Flaw Allowed Hackers To Withdraw Funds

Nomad

✍️ 3 August, 2022 - 15:58 👤 Editor: Jakub Motyka

  • Following a security breach on the Nomad bridge, a group of hackers stole $190 million in a matter of hours.
  • Only $651.54 was left in the protocol wallet.
  • What actions have the Nomad team and its community taken?

A security flaw in the Nomad token bridge has allowed a group of hackers to drain your funds for a few hours. Through his Twitter account, the protocol team confirmed that they were aware of the incident, and that they were investigating what happened. It is estimated that the total losses were USD190.7 million, and only USD651.54 remained in the wallet.

Nomad, like other cross-chain bridges, allows users to send and receive tokens from different networks. By this means, the protocols can store cryptocurrencies within their wallet, and offer an equivalent version of the same token on another network. It is not the first time that a protocol of this nature has suffered an attack, which is why which, its safety and sustainability has been strongly questioned in recent months.

What Was The Reason Of The Attack On The Nomad Bridge Protocol?

Unlike other exploits that have occurred in recent months, hundreds of wallets received tokens directly from the Nomad bridge during the attack. The first incident and possibly the one that started the attack , occurred at 21:32 UTC on Monday, August 1. In this way, the attacker managed to withdraw 100 wBTC or wrapped Bitcoins, worth 2.3 million dollars.

 After that, the attackers proceeded to withdraw the tokens systematically and in equivalent denominations. More than 200 transactions of 202,440.725413 USDC and a wide variety of tokens were executed, including wBTC, wETH, FRAX, CQT, HBOT, DAI, SDL and C3. As a result, some platforms linked to the stolen tokens, such as the Moonbeam Network, had to suspend their operations. For the moment, the Nomad protocol team has not given more details about the attack.

Latest crypto news:

Angélica Añez

Leave a Reply

Your email address will not be published. Required fields are marked *

Go up