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Nomad Token Bridge Gets Hacked and Loses $200M in Crypto

Nomad Token Bridge Gets Hacked and Loses $200M in Crypto

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It seems that hackers are getting more and more greedy.

Nomad, a cross-chain bridging protocol, Being hacked and drained of nearly all of their $190.7 million worth of crypto assets.

On August 2, news broke that Nomad had been hacked due to a lack of security exploits that allowed hackers to steal bridge funds through several transactions.

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It is worth noting that some of the hackers were “white”. This means that these hackers took funds saving the bridge from complete drainage and recouping the investment when it is safe to do so.

Nomad confirmed the news on Twitter:

During hacking bridge lost WBTC, USD Coin (USDC), Hummingbird Governance Token (HBOT), Wrapped Ether (WETH), IAGON (IAG), Kovalent Query Token (CQT), GeroWallet (GERO), Card Starter (CARDS), Frax (FRAX), Saddle DAO (SDL), Dai (DAI) and Charli3 (C3) tokens.

What’s weird about this hack is the value of stealing tokens. For example, IAGON (IAG), GeroWallet (GERO), Hummingbird Governance Token (HBOT) and Saddle DAO (SDL) were r.left events exactly 150 039 999661.

Nomad allows token transactions between Ethereum (ETH), Avalanche (AVAX), Milkomeda C1, Moonbeam (GLMR) and Evmos (EVMOS).

Due to the hack, Moonbeam announced on Twitter that the protocol has decided to go into maintenance mode until the damage is resolved and the investigation is complete. It means that Moonbeam disabled user events and smart contracts.

Regarding the steps taken to investigate this attack, Nomad has stated:

Nomad has notified law enforcement and is working around the clock to fix the situation and provide timely updates. Nomad’s goal is to identify the accounts involved and trace and recover the funds.

The news comes a few days after Nomad divided a list of companies that participated in the $22 million in funding. The investors were OpenSea, Polygon, Coinbase ventures, Crypto.com Capital and others.

This is not the first time that hackers have attacked crypto bridges. Again in March, Axie Infinity’s Ronin Bridge was robbed of over $600 million.

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree


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