The Nomad bridge recovery wallet has received crypto tokens worth about $22 million from 35 different wallets.
- The Nomad bridge recovery wallet has received $22 million following Monday’s $190 million hack.
- 35 different wallets have returned funds to the protocol, 24 of them before the 10% bounty was announced.
- Crypto has suffered from several nine-figure cross-chain bridge hacks this year.
About $22 million has been returned to cross-chain bridge Nomad after an easily-replicable exploit allowed multiple hackers to steal funds from the protocol on Monday.
Nomad Recovers Funds From $190M Hack
Nomad’s recovery wallet has received more than $22 million following Monday’s nine-figure hack on its cross-chain bridge.
Etherscan data show that as of 15:52 UTC on August 5, the Nomad recovery fund had received the equivalent of $22 million in various tokens including ETH, USDC, USDT, DAI, CQT, FRAX, wBTC, and wETH.
Nomad is a bridge that lets users send tokens between Ethereum, Evmos, Milkomeda, and Moonbeam. It suffered a major attack after an exploit was uncovered Monday, with the vulnerability allowing numerous opportunists to take funds from the bridge without requiring any in-depth knowledge. The bridge suffered a loss of about $190 million before the breach was patched.
Some “white hat” hackers raided the bridge specifically to return the funds to the Nomad team. On Tuesday, the Nomad team posted the address to a recovery wallet commencing 0x94A8. It later said it was working with law enforcement and the financial crime investigation firm TRM Labs. Nomad offered hackers a 10% bounty for any funds taken from the bridge, saying they would not face any legal action if they return 90% of their takings. 35 wallets had sent tokens to the recovery wallet at press time, 11 of which returned funds after the bounty was announced.
The crypto space has suffered from several major cross-chain bridges this year. In addition to the Nomad incident, $550 million was stolen from Axie Infinity’s Ronin bridge in March, and March 23, and last month Harmony’s Horizon bridge was hacked for $100 million.
Disclosure: At the time of writing, the author of this piece held ETH and several other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
$190M Stolen From Nomad Bridge in “Frenzied Free-for-All” Hack
Thieves rushed to drain the bridge once news of the exploit surfaced. Unlike most other crypto hacks, stealing funds did not require in-depth programming knowledge. $190M Lost in Nomad Attack …
Binance Says $5.8M Recovered From $550M Ronin Attack
Binance has recovered $5.8 million of funds stolen from Axie Infinity’s Ronin Bridge by North Korea’s Lazarus Group, Changpeng Zhao has said. Binance Recovers Funds Binance has hit back against…
$90M DeFi Hack Discovered Seven Months After the Fact
It is the longest it has ever taken for a crypto exploit to be discovered. Seven Months Mirror Protocol was hacked for almost $90 million on Terra Classic on Oct….