$190 Million Is Removed From Nomad Token Bridge In Funds In Security Exploit

by | Aug 4, 2022 | Market, Market News, News | 0 comments

During this downfall of the crypto market, multiple scams, and phishing scam is taking place. The Nomad Token Bridge drained $190 million from its bridge during this crypto-winter. It was reported that hundreds of crypto exploiters and white hat individuals intended to return the funds they got from the security exploit. Within a matter of hours, $190 million was removed.

Overview of The Security Exploit :

This security exploit is now taking place in the headlines. It came to known that this security exploit allows hackers to steal the tokens systematically through a series of transactions. During the specific transaction, hackers removed the tokens like Wrapped Bitcoin, Wrapped Ethereum, and many more. After the drain, the data said that there remain nearly $651.54 tokens in the Nomad token wallet.

Later, the Nomad team was informed that some funds were withdrawn by some white hat friends. They made efforts to safeguard the Nomad Token Bridge. It was even considered a ’white hack’. Individuals intended to return the funds that they received from the bridge directly.

According to the reports, the whole chaos started through a remarkable transaction. That day, at 9.32 PM UTC, the first transaction happened. Exactly 100 Wrapped Bitcoin were removed during this transaction. The removed WBTC was worth around $2.3 million. Then the alarm in the community rang on and the team got to know about the incident. After that, at 11.35 pm UTC, the Nomad team confirmed that the incident took place and they have started the investigation.

Community Cooperation :

After the spread of this security exploits information, some individuals acted positively. Safeguarding the Nomad token bridge, users aimed to return the funds. A Twitter handle, named Notify Bot tweeted that it was a white hack and he wants to return the funds that they received. That user asked for an email from the Nomada team. So That he can contact the team and give back the tokens to the team in a secure way.

The report shows that the security exploit has removed the coins following WBTC, Wrapped Ether (ETH), IAGON (IAG), Dai (DAI), GeroWallet (GERO), USD Coin (USDC), Card Starter (CARDS), Saddle DAO (SDL) and Charli3 (C3), Frax (FRAX), Covalent Query Token (QCT), Hummingbird Governance Token (HBOT).

After the returning intention of the white hat users, the Nomad team showed gratitude to them officially. They stated that law enforcement has started to work and investigate with in-depth analysis. Along with this, the team is grateful to the individuals who cooperated with the team.

The analysis showed that the draining process was executed unusually. The transactions were made in nearly equivalent denominations. Where the token was transferred in a round-figure manner with a specific number of tokens.

What Is Nomad?

Nomad is a token bridge that offers token transfer services between several platforms. It allows transfers between EVmos, Ethereum, Avalanche, Milkomed c1, and Moonbeam. One of the prominent token bridges in the global crypto market is Nomad.

Present Scenario :

Though the security exploits are not a new thing for the crypto exchange fields. During this Nomad exploit, it was seen that more than 100 addresses received tokens directly from the bridge.

Meanwhile, the Polkadot network was targeted for the exploit. Where its native token, GLMR was targeted to drain off. During the exploit, multiple uneven activities are seen in the platforms. Nomad disabled its work during this chaos. It is reported that the Nomad is validating at $225 million.The Nomad’s security exploit has created a new sensation in the crypto market. Although the intention for refunding the tokens is appreciated all over the market.

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