HomeCrypto NewsAltcoinNomad bridge hacked $ 190 million in cryptocurrency

Nomad bridge hacked $ 190 million in cryptocurrency

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Nomad bridge hacked $ 190 million in cryptocurrency

The Nomad Bridge is undergoing a security exploit that allows bad actors to systematically withdraw funds through a series of transactions.

According to DeFi analytics site, DeFi Llama, “Almost all of the $190,7 million in crypto has been withdrawn from the bridge, leaving only $651,54 in the wallet.”

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As noted, at 9:32 pm UTC, the hacker withdrew 2,3 million USD of WBTC. Then around 11.35pm UTC, the Nomad team confirmed there was a security flaw related to the Nomad bridge and said it was "currently investigating the issue".

Coins stolen by hackers include WBTC, USDC, FRAX, CQT, HBOT, IAG, DAI, GERO, SDL and a few others.

Nomad provides the infrastructure for cross-chain projects, allows dApps on different ecosystems to interact with each other, and allows token transfers between Avalanche (AVAX), ethereum (ETH), Evmos ( EVMOS), Milkomeda C1 and Moonbeam (GLMR).

In April, major players like Coinbase Ventures, OpenSea, and five other major players in the crypto industry participated in Nomad's seed fundraiser, giving Nomad a $4 million valuation.

 

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