On August 1, there was a new hack of the “bridge” — a type of protocol that allows cryptocurrency transactions to be carried out between different blockchains. The victim of the action was bridge Nomad, which raised $22 million in seed money last April on the promise of greater security and protection against piracy. According to cybersecurity company PeckShield, cited by Bloomberg, $190 million is at stake.
The funds would have been debited in several installments and to several accounts. Some accounts are owned by well-meaning white hat hackers who have decided to secure cryptocurrencies to protect them from simultaneous black hat attacks, according to a Coin Telegraph article interviewed by Nomad. However, this is no longer reassuring to Nomad users given the security of the protocol.
over a billion dollars stolen from bridges in 2022
Bridges are not points of intersection, but points of storage for cryptocurrencies. They work as if instead of driving a vehicle from one bank to another, they save all the vehicles they want to cross and duplicate them on the other bank. Thus, they are a prime target for hackers. Over a billion dollars were stolen from bridges in 2022, according to Elliptic.
Last major Harmony hack at the end of June ($100 million). In February, $325 million burned in the wormhole, the bridge between Solana and Ethereum. Nomad provides blockchain compatibility for Avalanche, Ethereum, Evmos, Milkomeda and Moonbeam.