Breaking: Nomad Bridge Under Attack, Nearly All Funds Stolen

August 2, 2022

Reading Time: 2 minutes

Nomad bridge has joined the list of cryptocurrency projects to be under the attack of cyberpunks as approximately $190,000,000 worth of crypto confirmed to be stolen so far.

The attack happened on August 1 and the Nomad team has confirmed the event and warned users about sending funds to anyone impersonating its staff as this technique is confirmed to be one of the hackers’ strategies to exploit funds.

Nomad Bridge is a bridge that allows transfer of Avalanche (AVAX), Ethereum (ETH), Evmos (EVMOS), Milkomeda C1, and Moonbeam (GLMR).

The tokens that were stolen include  WBTC, Wrapped Ether (WETH), USD Coin (USDC), Frax (FRAX), Covalent Query Token (CQT), Hummingbird Governance Token (HBOT), IAGON (IAG), Dai (DAI), GeroWallet (GERO), Card Starter (CARDS), Saddle DAO (SDL), and Charli3 (C3). 

According to a researcher at Paradigm, Samczsun, the recent upgrade to smart contract resulted in the attackers being able to spoof transactions.

This attack came during a period Nomad is struggling financially as it just completed a funding round of €22 million to keep its head afloat, the round’s participants include Coinbase Ventures, Polygon, Wintermute, Polychain Capital, Gnosis, and OpenSea.

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Bridges Becoming Hacker’s Juicy Space

Security is now without doubt the biggest challenge faced by Bridges, a lot of attacks on Bridges have happened since setting foot into this year, an event that sent shock waves across crypto space.

In March, Axie Infinity’s Ronin Bridge suffered from one of the biggest crypto heists in history after $600 million was exploited.

Some weeks ago, Horizon Bridge also joined the list of Bridges as hackers stole nearly $100 million from the Bridge.

Wormhole was also a victim of cyberpunks with $300 million was reported to be stolen from the Solana Bridge.

Nomad in response to this event said it has commenced an investigation.

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