Nomad Bridge Hacked, Nearly All Funds Drained.

Paigambar Mohan Raj
Source: Nomad

Nomad bridge is the latest crypto project to be the victim of a hack. The hackers made away with nearly all of the funds in the wallet. According to DeFi Llama, the total amount taken was $190.7 million. Nomad is a bridge that allows transfer between Avalanche (AVAX), Ethereum (ETH), Evmos (EVMOS), Milkomeda C1, and Moonbeam (GLMR).

The funds remaining with the project dropped to $651.54 but have since increased to $4,502.

Source: Cointelegraph
Source: Defillama

The first illicit transaction is suspected of occurring at 9:32 UTC when 100 Wrapped Bitcoin (WBTC) worth $2.3 million were removed from Nomad.

The community soon raised alarms of a possible exploit, and Nomad confirmed that the bridge was being exploited at 11:35 pm UTC. Moreover, the team said they were investigating the situation and providing updates when they had them.

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).  

Interestingly, unlike other exploits, this attack saw hundreds of addresses receiving funds from the bridge. Moreover, at 11:18 PM UTC, the Moonbeam smart contract platform (GLMR) went into maintenance, and this was done to investigate a suspected security incident. The move will deactivate Moonbeam’s functionality, including interactions between smart contracts and conventional user transactions.

The attack occurred only days after Nomad revealed the complete list of investors that took part in its $22 million seed round, including illustrious names like Polychain Capital, Wintermute, Coinbase Ventures, and Wintermute.

The breach on Monday is the most recent to target bridges. Bridges enable the transfer of cryptocurrencies and other digital assets across blockchains that would not otherwise be compatible. Axie Infinity’s Ronin Bridge suffered a hack that cost it more than $600M earlier this year.