New Crypto Hack: $190 Million Nomad Bridge Devastated

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.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker.