Nomad Bridge Hack Triggers Exploit of Nearly $200 Million Worth of Tokens

The most recent cryptocurrency project to experience hacking is Nomad Bridge. Nearly all of the money in the wallet was stolen by the hackers. DeFi Llama claims that a total of $190.7 million was taken. Nomad is a bridge that enables transfers between Milkomeda C1 and Moonbeam as well as Avalanche (AVAX), Ethereum (ETH), Evmos (EVMOS), and Ethereum (GLMR).

The project’s remaining funds fell to $651.54 but have recently risen to $4,502. At 9:32 UTC, 100 Wrapped Bitcoin (WBTC) worth $2.3 million were allegedly withdrawn from Nomad in the first unauthorized transaction.

At 11:35 p.m. UTC, Nomad acknowledged that the bridge was being exploited after the community quickly raised concerns about a potential vulnerability. The team added that they were looking into the matter and would update as soon as they received more information.

IAGON (IAG), Dai (DAI), GeroWallet (GERO), Card Starter (CARDS), Saddle DAO (SDL), and Charli3 are among the tokens that were taken, along with WBTC, Wrapped Ether (WETH), USD Coin (USDC), Frax (FRAX), Covalent Query Token (CQT), Hummingbird Governance Token (HBOT), IAGON (IAG), and Dai (DAI).

Interestingly, this attack saw hundreds of addresses receive funds through the bridge, unlike earlier attacks. Additionally, the Moonbeam smart contract platform (GLMR) went into maintenance at 11:18 UTC to look into a possible security incident. The operation will turn off all of Moonbeam’s features, including the interactions between smart contracts and standard user transactions.

Only a few days before the attack, Nomad made public the full list of investors who contributed to its $22 million seed round. These investors included prominent names like Polychain Capital, Wintermute, and Coinbase Ventures.

The most recent breach to target bridges was on Monday. Cryptocurrencies and other digital assets can’t be transferred between blockchains that are incompatible without the aid of bridges. An attack on Axie Infinity’s Ronin Bridge earlier this year cost it more than $600M.

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