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Blockchain Bridge “Nomad” Loses Nearly $190 Million…Details Here

Blockchain Bridge “Nomad” Loses Nearly $190 Million…Details Here

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Answer Blockchain Bridge “Nomad” Loses Nearly $190 Million…Details Here

The bridge of digital tokens across the Nomad blockchain networks was hacked on Monday, resulting in a loss of nearly $200 million in cryptocurrency.

In a statement posted on Twitter, Nomad confirmed the hack. In its statement:

We are aware of the incident related to Nomad Bridge.

Read:After successfully acquiring Voyager…FTX turns its sights on Celsius’ assets

We’re investigating right now and will provide updates when we get them.

The protocol also warned that Nomad impersonators impersonate him and provide fraudulent addresses to raise funds, adding:

We have not yet provided instructions for refunding the bridge.

Ignore communications from all channels other than the official Nomad channel.

The Nomad protocol allows users to exchange different digital tokens, such as Ethereum, AVAX, EVMO, Milkomeda C1 and GLMR.

Citing data from DeFi Llama, which specializes in tracking data for Defi protocols, Nomad’s total locked value (TVL) was up to $190 million prior to the hack.

Defiflame

TVL is the amount of money deposited in the Decentralized Finance (DeFi) protocol.

Cybersecurity platform BlockSec estimates the total loss in this incident at around $150 million in Tether (USDT).

The monitoring platform suggested that there might be some loopholes in Nomad’s validation procedure between functions, since an uninitialized storage slot is always considered zero, where in fact an attacker can pass any message that hasn’t appeared before to bypass the validation procedure.

Read:The expected next step… Establishing the first cryptocurrency bank

An anonymous researcher at Terra FatMan described the incident as the first decentralized theft, adding that all one had to do was copy the hacker’s first transaction and change the address, then hit send via Etherscan.

CoinDesk explained that bridging typically works by locking digital tokens into a smart contract on one blockchain and then reissuing those tokens in a wrapped form on another.

In addition, if the smart contract in which the digital tokens are initially deposited becomes compromised in terms of Nomad status, the digital tokens may not have any protection, resulting in the loss of their values.

Read:Analysis: Bitcoin Needs to Recover $53,000 to Return to Bull Racing

Last month, Nomad announced that it had secured a strategic investment of $22.4 million in April from various investors, including OpenSea, CoinBase Ventures, Crypto.com and Polygon.

Ironically, the latest vulnerability could leave the company embarrassed to keep its words and pursue its ambitions.

Nomad demonstrated his resolve by outlining his primary goal of creating a more secure crypto system where blockchains can seamlessly and securely communicate with each other.

Read also:

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