Hackers Drain Over $190 Million In Recent Bridge Hack

Hackers who exploited the cross-chain blockchain protocol Nomad, have reportedly washed off over $190 Million from the protocol’s funds.

This is one among what some players in the cryptocurrency industry have described as one too many cases of Blockchain bridge exploitation in the past months.

Reports indicate that the incident was observed after a suspicious transaction removing 100 wrapped Bitcoin (WBTC) worth $2.3 million from the bridge shortly after other tokens were exploited.

A report by ‘Coingape’ suggested that the hackers executed over 200 transactions each with exactly 202,440.725413 USD.

The tokens lost during the back included WBTC, Wrapped Ether (WETH), USD Coin (USDC), Frax, Covalent Query Query Token (CQT), Hummingbird Governance Token (HBOT), IAGON (IAG), Dai, GeroWallet (GERO), Card Starter (CARDS), Saddle DAO and Charli3 (C3).

Confirming the attack, Nomad said via Twitter “We are aware of the incident involving the Nomad token bridge. We are currently investigating and will provide updates when we have them.

“We’re aware of impersonators posing as Nomad and providing fraudulent addresses to collect funds. We aren’t yet providing instructions to return bridge funds. Disregard comms from all channels other than Nomad’s official channel.

” We are working around the clock to address the situation and have notified law enforcement and retained leading firms for blockchain intelligence and forensics,

“Our goal is to identify the accounts involved and to trace and recover the funds,” it said.

Last week, Nomad announced that it has secured a $22 million seed investment from some firms, among which included Coinbase Ventures.




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