• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Nomad token bridge drained of $190M in funds in security exploit

Jon Hartney by Jon Hartney
August 2, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Hundreds of potential exploiters appear to have drained all of the bridge’s $190 million in TVL in just a matter of hours.

The Nomad token bridge appears to have experienced a security exploit that has allowed hackers to systematically drain the bridge’s funds over a long series of transactions.

Nearly the entire $190.7 million in crypto has been removed from the bridge, with only $651.54 left remaining in the wallet, according to decentralized finance (DeFi) tracking platform DeFi Llama.

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Nomad bridge is getting drained, your funds might be at risk and might be able to still withdraw the remaining funds ⚠️ https://t.co/RgYmjSV9eB

— stani.lens (,) (@StaniKulechov) August 1, 2022

The first suspicious transaction, which may have been the genesis of the ongoing exploit, came at 9:32pm UTC when someone managed to remove 100 Wrapped Bitcoin (WBTC) worth about $2.3 million tokens from the bridge.

Shortly after the community raised alarm bells over the potential exploit, the Nomad team confirmed at 11:35pm UTC that it was aware of the “incident involving the Nomad token bridge” adding it is “currently investigating the incident.” The team did not immediately respond to a request for comment.

We are aware of the incident involving the Nomad token bridge. We are currently investigating and will provide updates when we have them.

— Nomad (⤭⛓) (@nomadxyz_) August 1, 2022

The incident has seen 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) tokens taken from the bridge.

Exploiters removed tokens in an unusual fashion as each token was removed in nearly equivalent denominations. For example, transactions with exactly 202,440.725413 USDC were executed over 200 times. 

Nomad is a token bridge that allows transfers of tokens between Avalanche (AVAX), ethereum (ETH), Evmos (EVMOS), Milkomeda C1, and Moonbeam (GLMR).

Unlike other exploits that have become somewhat commonplace in 2022, this event so far has hundreds of addresses receiving tokens directly from the bridge.

Meanwhile, the Moonbeam smart contract platform from the Polkadot network, whose native GLMR token was one targeted in the Nomad exploit, went into maintenance mode at 11:18pm UTC “to investigate a security incident.” As a result, Moonbeam’s functionality such as regular user transactions and smart contract interactions will be disabled.

1/ Important Notice: The Moonbeam Network has gone into Maintenance Mode in order to investigate a security incident with a smart contract deployed on the network.

— Moonbeam Network #HarvestMoonbeam (@MoonbeamNetwork) August 1, 2022

The attack is untimely for the bridge which and its seed round investors from a fundraise in April. On July 29, the project revealed in a tweet that Coinbase Ventures, OpenSea, and five other major companies in the crypto industry participated in an April seed round fundraising which landed Nomad a $225 million valuation.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$22,878.00-1.78%
  • ethereumEthereum(ETH)$1,640.68-2.27%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.00%
  • binancecoinBNB(BNB)$325.70-1.91%
  • usd-coinUSD Coin(USDC)$1.000.02%
  • rippleXRP(XRP)$0.396966-1.32%
  • Binance USDBinance USD(BUSD)$1.00-0.06%
  • cardanoCardano(ADA)$0.387765-2.80%
  • dogecoinDogecoin(DOGE)$0.089467-3.43%
  • matic-networkPolygon(MATIC)$1.270.21%
  • OKBOKB(OKB)$44.58-2.91%
  • SolanaSolana(SOL)$22.81-4.56%
  • Lido Staked EtherLido Staked Ether(STETH)$1,640.08-2.26%
  • polkadotPolkadot(DOT)$6.71-3.69%
  • Shiba InuShiba Inu(SHIB)$0.000013-6.93%
  • litecoinLitecoin(LTC)$98.03-3.14%
  • AvalancheAvalanche(AVAX)$19.90-4.20%
  • tronTRON(TRX)$0.0664810.47%
  • daiDai(DAI)$1.00-0.04%
  • UniswapUniswap(UNI)$6.73-3.52%
  • cosmosCosmos Hub(ATOM)$14.89-1.75%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,884.00-1.54%
  • chainlinkChainlink(LINK)$7.13-0.91%
  • ToncoinToncoin(TON)$2.28-3.69%
  • ethereum-classicEthereum Classic(ETC)$22.48-2.80%
  • leo-tokenLEO Token(LEO)$3.36-0.35%
  • moneroMonero(XMR)$166.39-0.95%
  • bitcoin-cashBitcoin Cash(BCH)$130.62-3.57%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • stellarStellar(XLM)$0.090349-1.83%
  • AptosAptos(APT)$14.57-10.03%
  • Lido DAOLido DAO(LDO)$2.807.01%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.573.55%
  • CronosCronos(CRO)$0.082634-1.23%
  • ApeCoinApeCoin(APE)$5.66-6.18%
  • filecoinFilecoin(FIL)$5.29-4.79%
  • algorandAlgorand(ALGO)$0.280294-0.08%
  • QuantQuant(QNT)$138.30-2.20%
  • HederaHedera(HBAR)$0.073585-0.60%
  • vechainVeChain(VET)$0.025525-4.30%
  • Internet ComputerInternet Computer(ICP)$5.65-3.26%
  • The GraphThe Graph(GRT)$0.177159-10.74%
  • The SandboxThe Sandbox(SAND)$0.83-7.18%
  • FantomFantom(FTM)$0.51-12.38%
  • Axie InfinityAxie Infinity(AXS)$11.861.32%
  • decentralandDecentraland(MANA)$0.75-6.53%
  • AaveAave(AAVE)$85.22-3.76%
  • eosEOS(EOS)$1.08-3.85%
  • FlowFlow(FLOW)$1.10-8.73%
  • MultiversXMultiversX(EGLD)$45.71-4.95%
  • theta-tokenTheta Network(THETA)$1.13-5.50%
  • tezosTezos(XTZ)$1.21-2.40%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000179-3.06%
  • FraxFrax(FRAX)$1.00-0.26%
  • Frax ShareFrax Share(FXS)$13.426.58%
  • paxos-standardPax Dollar(USDP)$1.000.05%
  • true-usdTrueUSD(TUSD)$1.000.25%
  • Rocket PoolRocket Pool(RPL)$46.8310.66%
  • huobi-tokenHuobi(HT)$5.31-7.21%
  • Curve DAOCurve DAO(CRV)$1.10-0.87%
  • kucoin-sharesKuCoin(KCS)$8.63-1.77%
  • havvenSynthetix Network(SNX)$2.64-10.07%
  • bitcoin-cash-svBitcoin SV(BSV)$42.68-2.10%
  • ChilizChiliz(CHZ)$0.152240-7.73%
  • ImmutableXImmutableX(IMX)$1.00-11.72%
  • PancakeSwapPancakeSwap(CAKE)$4.611.17%
  • USDDUSDD(USDD)$0.99-0.14%
  • eCasheCash(XEC)$0.000037-3.39%
  • BitTorrentBitTorrent(BTT)$0.000001-1.59%
  • dashDash(DASH)$62.97-5.23%
  • makerMaker(MKR)$770.57-4.45%
  • BitDAOBitDAO(BIT)$0.59-1.96%
  • Mina ProtocolMina Protocol(MINA)$0.81-7.13%
  • iotaIOTA(MIOTA)$0.242421-3.65%
  • KlaytnKlaytn(KLAY)$0.207568-3.90%
  • GateGate(GT)$4.43-0.74%
  • neoNEO(NEO)$9.05-1.59%
  • Trust WalletTrust Wallet(TWT)$1.53-5.09%
  • OKCOKC(OKT)$33.423.24%
  • ArweaveArweave(AR)$11.62-9.62%
  • OptimismOptimism(OP)$2.71-12.29%
  • OsmosisOsmosis(OSMO)$1.10-0.89%
  • cUSDCcUSDC(CUSDC)$0.022749-0.01%
  • zcashZcash(ZEC)$44.72-4.49%
  • gemini-dollarGemini Dollar(GUSD)$1.000.19%
  • THORChainTHORChain(RUNE)$1.87-4.54%
  • singularitynetSingularityNET(AGIX)$0.459020-28.72%
  • GMXGMX(GMX)$65.91-6.87%
  • cDAIcDAI(CDAI)$0.022155-0.02%
  • Baby Doge CoinBaby Doge Coin(BABYDOGE)$0.0000000.42%
  • Tokenize XchangeTokenize Xchange(TKX)$6.80-0.31%
  • RenderRender(RNDR)$1.69-19.66%
  • RadixRadix(XRD)$0.050292-0.39%
  • PAX GoldPAX Gold(PAXG)$1,868.140.24%
  • enjincoinEnjin Coin(ENJ)$0.493833-5.47%
  • Fetch.aiFetch.ai(FET)$0.466130-19.49%
  • zilliqaZilliqa(ZIL)$0.030048-2.90%
  • cETHcETH(CETH)$33.20-1.55%
  • Convex FinanceConvex Finance(CVX)$6.30-5.58%