Nomad bridge turns out to be the new crypto project that has been victimized by an exploit. Approximately all the funds existing in the wallet have been taken away by hackers. As per the data shared by DeFi Llama, the cumulative drained amount was $190.7M. Nomad is considered to be a bridge that permits transactions between Ethereum (ETH), Moonbeam (GLMR), Evmos (EVMOS), Avalanche (AVAX), and Milkomeda C1.The funds left with Nomad bridge declined to $651.54 however have elevated to $4,502.
Almost 200 Million Drained from Nomad Bridge In an Exploit
It was reported that the first illegal transfer occurred at 9:32 UTC, while Nomad was clearing out 100 Wrapped Bitcoin (WBTC), which had a value of up to $2.3 million. It wasn’t long before the community started spreading the word about a possible exploit, and it wasn’t long after that when Nomad confirmed that the exploit was being carried out at 11:35 pm UTC. In addition to this, the group stated that they are currently investigating the incident and that they will provide the pertinent information as they obtain it. They also stated that they will provide this information as soon as they get it.
In the stolen tokens, Charli3 (C3), Saddle DAO (SDL), Card Starter (CARDS), GeroWallet (GERO), Dai (DAI), IAGON (IAG), Hummingbird Governance Token (HBOT), Covalent Query Token (CQT), Frax (FRAX), USD Coin (USDC), Wrapped Ether (WETH), and WBTC are included. It is noteworthy that, dissimilar to the rest of the hacks, the respective exploit witnessed that funds have been obtained by several hundred addresses from Nomad Bridge.
In addition to this, a smart contract venue called “Moonbeam” entered the maintenance mode to check for the possible security causes behind the incident. The respective step will disable the functionality of Moonbeam, taking into account the interactions done between the traditional user transfers as well as the smart contracts. The announcement of this move was made in a tweet on the official Twitter account of Moonbeam Network.
Bridge Attacks Surge at a Rapid Pace
The attack took place just days following the disclosure of the entire series of the investors who participated in its seed round of nearly $22M, taking into account prominent names such as Coinbase Ventures, Wintermute, and Polychain Capital. The current breach counts as the latest in which a bridge has been targeted. The chief purpose of the bridges is to allow for the transaction of crypto as well as the rest of the digital assets throughout the blockchains with no compatibility otherwise.
In recent months, a considerable increase has been witnessed in bridge attacks. Previously this year, Ronin Bridge of Axie Infinity went through an exploit where it lost above $600 million. This has been witnessed following an increased user interest in swapping assets amongst diverse blockchains. As it has been made possible by the cross-chain bridges for the new blockchains to advance further, a negative impact can be put by the bridge failures on the minor chains that depend on them in terms of a great amount of the cumulative liquidity thereof.
