Crypto Heists Explained: How to Avoid Crypto Hacks

  • 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. 

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A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.