🚨 Get Your Free NFT Certificate Mint by Completing the Web3 Exam! START NOW
My Learnlist: Coming Soon!
My Learnlist: Coming Soon!

Learn by real-life examples: Select, Track & Understand any cryptos with the unique Learnlist feature!

Notify Me!
Portfolio: Coming Soon!
Portfolio: Coming Soon!

Set your wallet & get powerful insights backed by data. Easily learn how to use it for your highest rewards!

Notify Me!

Hackers Stole $200M From Nomad Token Bridge

Hackers Stole $200M From Nomad Token Bridge

It seems that hackers are getting more and more greedy.

Nomad, a cross-chain bridge protocol, gets hacked and drained for almost all of its funds worth $190,7 million in crypto

On August 2nd, the news broke that Nomad has been hacked due to the gap in security exploit, which allowed hackers to steal the bridge’s funds through a series of transactions

Is Your Crypto Safe? (5 Best Crypto Security Practices Explained)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

Is Your Crypto Safe? (5 Best Crypto Security Practices Explained)

Is Your Crypto Safe? (5 Best Crypto Security Practices Explained) Is Your Crypto Safe? (5 Best Crypto Security Practices Explained)

It is worth noting that some of the hackers were ‘whitehat’. It means that these hackers took out funds to save the bridge from complete drainage and will return the investments when it is safe to do so

Nomad took to Twitter to confirm the news:

During the hack the bridge lost WBTC, USD Coin (USDC), Hummingbird Governance Token (HBOT), Wrapped Ether (WETH), IAGON (IAG), Covalent Query Token (CQT), GeroWallet (GERO), Card Starter (CARDS), Frax (FRAX), Saddle DAO (SDL), Dai (DAI) and Charli3 (C3) tokens. 

The strange thing about this hack is the value of which the tokens have been stolen. For example, IAGON (IAG), GeroWallet (GERO), Hummingbird Governance Token (HBOT), and Saddle DAO (SDL) were removed with transactions of exactly 150,039.999661

Nomad allows making token transactions between Ethereum (ETH), Avalanche (AVAX), Milkomeda C1, Moonbeam (GLMR), and Evmos (EVMOS). 

Due to the hack, Moonbeam announced on Twitter that the protocol has decided to go to maintenance mode until the damage will be clear and the investigation is completed. This means that Moonbeam disabled user transactions and smart contracts

In regards to the actions taken to investigate this attack, Nomad has stated:

Nomad has notified law enforcement and is working around the clock to address the situation and provide timely updates. Nomad’s goal is to identify the accounts involved and to trace and recover the funds.

The news comes a few days after Nomad shared a list of companies, which participated in giving $22 million in funding. The investors included OpenSea, Polygon, Coinbase ventures, Crypto.com capital, and others. 

This is not the first time crypto bridges get attacked by hackers. Back in March, Axie Infinity’s Ronin Bridge was robbed for more than $600 million

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



Earn Huge Exclusive Binance Learners Rewards