Nomad Bridge Got Exploited!

Nomad Bridge is a cross-chain bridge that is designed to transfer digital assets among Ethereum Virtual Machine chains. The slogan of Nomad.xyz is "High security, low cost, and fast bridging.". Nomad operates on Ethereum, Evmos and Moonbeam blockchains.

nomad bridge got hacked exploit wbtc weth crypto.png

Unfortunately, the bridge got rugged a couple of hours ago. The hackers accessed to WBTC, WETH, and USDC on the bridge, and the funds were stolen. The hackers drained WBTC and WETH at first. Then, $87M of USDC was targeted.

Nomad was Secure & Popular, though

First of all, it was audited by Quantstamp and the project had trusted products used by many people.

It's a security-first protocol as it is mentioned in the first page of the website 😶
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Audit Certificate

The project also had some strong partnerships with well-reputed crypto service providers.

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According to Coindesk

"Because Nomad provides a trust-minimized protocol for cross-chain messaging, there are potential applications that go well beyond just token bridging,” said Polygon co-founder Anurag Arjun in the press release

It seems like trust-minimized protocols may fail, as well.

Sad to admit the fact that, EVM blockchains using Nomad Messaging Protocol are in trouble with FUD on them.

MoonBeam is under maintenance:

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Evmos and Moonbeam blockchains are going to be hurt as majority of the tokens used on the chains were bridged from Ethereum via Nomad.

It seems like sell-off has begun!

Check Coinmarketcap: MoonBeam

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So far $45M Stolen; More to Come

Defiant news revealed that $45M worth of WBTC & WETH were already stolen. Besides, $80M worth of USDC coins were still at risk. It is also claimed that $165M worth of assets have been stolen so far.

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Copy an old successful transaction and call it from the blockchain to your wallet. Boom! You got the assets 😶

So far the crypto market did not react to this hack case. However, when the crypto news platforms start mentioning the occasion, I think we will be having another blood bath because of the stolen BTC and ETH.

After the exploit of Ronin Bridge 🌉 , things were not going great for bridges. With Nomad hack, I believe the trust will be even lower for EVM multi-chain bridges.

If you want to follow the case, spreekaway on Twitter an shared informative flood about it. There is no "ordinary" day in crypto 🙄

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18 comments
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Ouch, new exploits are being tried, and it seems this one bypasses security and results in funds being stolen. I guess the entire blockchain technology is not yet mature, thus hackers will always try to penetrate it and make use of weak code.

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I think bridges have not matured and advanced enough to provide the security of blockchains. We may see some more hack cases while bridges are constantly attacked

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LOL the headlines and stories write themselves, shitcoiners are so desperate for money now they are attacking their competition or its self inflicted wounds

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I really wonder who is behind this exploit. However, these people really hurt de-fi and cross-chain bridges

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Not the first won’t be the last this one is tiny compared to the wormhole one, all bridges are central points of failure and potential double spend because you’re trusting a central entity or smart contract and centre slides price oracles which you can’t overcome so one of the 3 are often manipulated be that internally or through an exploit from a third party

Cross asset management is a lie because a blockchain cannot enforce rules on another blockchain so it’s always doomed to fail

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Man, this hack was wild.

The amount of people that just copied and pasted the exploit is insane but it seems most of them were white hat and a lot of the money will be retrieved.

HOWEVER, this is exactly why Vitalik and many others in the space expressed their concern regarding a cross-chaain future. Bridges are becoming a central point of failure which is just absurd in a world where we strive for decentralization. I wrote about this a few months back.

I wonder how many more exploits will need to happen before we try a different approach.

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I hope these are just white hack cases and people will refund. Otherwise, a terrible case

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Huh... Unfortunatelly, the crypto bridges are the most vulnerable platforms at the moment and this hack isn't just one of rares... I hope that they will save the rest of the funds and recover, but it will need time... :(


I have picked this post on behalf of the @OurPick project and it will be highlighted in the next post!

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I still have faith in them, however, I'm not going to ape into any bridge again :I

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In reality the only sure thing in this life is death, nobody escapes from that, although these virtual machines are considered very safe at any time fail and this happens, so it is best to have the money in a cold wallet, that is much safer.

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Always better to own money in your wallet. It will take time for cross-chain bridges to recover indeed

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There seriously has got to be a better way to prevent this kind of crap from happening. Until these hacks get less or a way to mitigate the damage the thought of bridges, defi etc are not going to go far.

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Unfortunately, these hacks are killing the trust in defi.

Better bridges, better cross-chain operations are must for growth!

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this is troublesome to hear and more to know that many 1 bad eggs can spoil all other well once

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