- Nomad Token Bridge lost over $190 million due to a fault in its security.
- The exploit began with one hacker and led to hundreds others.
- The platform was left with $1,000 and Redditors discuss the need to prioritize security.
Nomad Token Bridge suffered a drastic hit when the platform was syphoned over $190 million in crypto. The Coinbase and OpenSea-backed platform lost its assets over a series of transactions.
In detail, the exploit is what Redditors on the CryptoCurrency thread are calling ‘the first truly decentralized robbery’. To highlight, Nomad Token Bridge went from having $190,740,000 to $1,000 in just a matter of hours.
Specifically, it seems this exploit is very different from other crypto hacks so far. In this scenario, the attack wasn’t a flashloan, nor was it pulled off by a single group of hackers. In fact, this exploit began with one initial attacker.
To elaborate, after the first attacker took advantage of the trick, hundreds of other attackers followed suit. These additional attacks came from separate accounts who also understood the trick and simply copy-pasted their way into the exploit to get their hands on stolen funds.
Indeed, it seems all one had to do to hack the bridge funds was to replicate the original hacker’s transaction call data and replace it with a personal address. Once done, the tx would succeed.
While most saboteurs kept the funds for themselves, others such as leadingscientist.eth took the funds to keep them in safe hands. They would later return the funds to Nomad Token Bridge when safe.
Redditors go on to discuss the disgrace that is many crypto and blockchain projects. They say that many are simply working to get their code ready so they can get their companies up and running.
According to these Redditors, security must be the most important aspect to any crypto and blockchain project. Hence, it is important to pick a project that prioritizes security above all else, it is likely the only way to avoid crypto hacks.
Recommended News :
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.