The Nomad bridge appears to have experienced a security exploit that has allowed hackers to systematically drain the bridge’s funds over a long series of transactions. Nearly the entire $190.7 million in crypto has been removed from the bridge.
Nomad Bridge suffers from a security attack
Hundreds of potential miners apparently took all of the bridge’s $190 million TVL in just a few hours, leaving only $651.54 in wallets, according to decentralized finance (DeFi) tracking platform DeFi Llama.
Shortly after the community issued urgent warnings about potential mining, the Nomad team confirmed at 11:35 p.m. UTC that they were aware of a “nomad token bridge-related incident” and “currently investigating the incident“.
The first suspicious transaction, believed to be the source of the ongoing mining, occurred at 9:32 p.m. UTC when someone managed to dump 100 Wrapped Bitcoin (WBTC) worth around 2.3 million dollars from the bridge.
The incident has seen WBTC, Wrapped Ether (WETH), USD Coin (USDC), Frax (FRAX), Covalent Query Token (CQT), Hummingbird Governance Token (HBOT), IAGON (IAG), Dai (DAI), GeroWallet (GERO), Card Starter (CARDS), Saddle DAO (SDL), and Charli3 (C3) tokens taken from the bridge.
Nomad bridge allows transfers of tokens between Avalanche (AVAX), Ethereum (ETH), Evmos (EVMOS), Milkomeda C1, and Moonbeam (GLMR).
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