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The Nomad token bridge appears to have experienced a security exploit that allowed hackers to systematically drain the bridge’s funds in a long series of transactions.
Nearly all of $190.7 million in cryptocurrency has been removed from bridges, leaving only $651.54 in wallets, according to a decentralized finance (DeFi) tracking platform. DeFi llama.
Nomad bridge is exhausted. Your funds may be at risk and you may be able to withdraw your remaining funds https://t.co/RgYmjSV9eB
stani.lens (,) (@StaniKulechov) August 1, 2022
first suspect transactionIt may have been the origin of the ongoing exploit.
Shortly after the community sounded the alarm about a possible exploit, the Nomad team confirmed at 11:35pm UTC that they were aware of an “incident involving the Nomad Token Bridge” and stated that “the incident is currently being investigated. ‘ added. The team did not immediately respond to requests for comment.
We are aware of an incident involving the Nomad Token Bridge. We are currently investigating and will update you as soon as we have an update.
Nomad () (@nomadxyz_) August 1, 2022
In this case, WBTC, Wrapped Ether (WETH), USD Coin (USDC), Frax (FRAX), Covalent Query Token (CQT), Hummingbird Governance Token (HBOT), IAGON (IAG), Dai (Big), GeroWallet (GERO), Card Starter (CARDS), Saddle DAO (SDL), and Charli3 (C3) tokens from the bridge.
Abusers removed tokens in an unusual way, as each token was removed in roughly the same denomination. For example, a transaction of exactly 202,440.725413 USDC was executed over 200 times.
Nomad is a token bridge that allows token transfers between Avalanche (AVAX), Ethereum (ETH), Evmos (EVMOS), Milkomeda C1, and Moonbeam (GLMR).
Unlike other exploits, become somewhat commonplace Hundreds of addresses have received tokens directly from the bridge so far at the 2022 event.
Meanwhile, the Polkadot network’s Moonbeam smart contract platform was targeted with the Nomad exploit for its native GLMR token. maintenance Investigate Security Incident mode at 11:18 PM UTC. As a result, Moonbeam functionality such as normal user transactions and smart contract interactions will be disabled.
1/ IMPORTANT NOTICE: Moonbeam Network has entered maintenance mode to investigate a security incident involving smart contracts deployed on the network.
Moonbeam Network #HarvestMoonbeam (@MoonbeamNetwork) August 1, 2022
The attack comes too soon for Bridge, an investor in a seed round from an April funding. On July 29th, the project Tweet Coinbase Ventures, OpenSea, and five other major players in the crypto industry participated in an April seed round of funding, bringing Nomad a $225 million valuation.
