6:00:03 PM PDT - Sunday, August 14th, 2022

Hackers abuse ‘chaotic’ Nomad exploit to drain almost $200M in crypto  

By Editor - Tue Aug 02, 5:23 am

Cross-chain messaging protocol Nomad has become the target of crypto’s latest nine-figure attack after hackers abused a “chaotic” security exploit to steal almost $200 million in digital assets. Nomad, a token bridge that allows users to send and receive tokens between Avalanche (AVAX), Ethereum (ETH), Evmos (EVMOS), Moonbeam (GLMR) and Milkomeda C1 blockchains, was attacked on Monday, with hackers draining almost all of the protocol’s funds. Approximately $190.7 million in crypto was stolen from the bridge, according to decentralized finance tracking platform DeFi Llama , which shows that the current total value locked — the amount of user funds deposited in a DeFi protocol — is less than $12,000 at the time of writing. Nomad has yet to confirm how hackers were able to steal the funds. But according to samczsun , the head of security at web3 investment firm Paradigm , a recent update to one of Nomad’s smart contracts made it easy for users to spoof transactions

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Hackers abuse ‘chaotic’ Nomad exploit to drain almost $200M in crypto

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