Hackers Drained Nearly $190M In Crypto From Nomad Token Bridge

Nomad token bridge appears to have experienced a security exploit that has allowed hackers to systematically drain a significant portion of the bridge’s funds over a long series of transactions.

Nearly the entire $190.7 million in crypto has been removed from the bridge, with only $651.54 left remaining in the wallet.

According to decentralized finance (DeFi) tracking platform Defi Llama.

However, Nomad later suggested to Coin telegraph that some of the funds were withdrawn by white hat friends.

who took the funds out to safeguard them.

Suspicious Steps To Exploit 

The first suspicious transaction, which may have been the inception of the ongoing exploit, came at 9:32 pm UTC.

when someone managed to remove 100 Wrapped Bitcoin (WBTC) worth about $2.3 million tokens from the bridge.

Momentarily, the community raised alarm bells over the potential exploit.

The Nomad team confirmed at 11:35 pm UTC that it was aware of the incident involving the Nomad token bridge adding it is currently investigating the incident.

Nomad reported in an emailed response to Coin telegraph on August 2 that at least some of the people who took funds were acting benevolently to protect the crypto from getting into the wrong hands.

The team added that it had retained the services of leading firms for blockchain intelligence and forensics.

Intentions To Return Exploited Cash

one individual has come out and offered to act as a white hat hacker who intends to return the funds they took from the bridge.

The individual going by ‘Notifi Bot’ on Twitter reached out to Nomad in a tweet stating this is a white hack.

I plan to return the funds. Waiting for official communication from the command team (please provide an email id for communication).

Nomad is a token bridge that allows transfers of tokens between Avalanche (AVAX), ethereum (ETH), Evmos (EVMOS), Milkomeda C1, and Moonbeam (GLMR).

Unlike other exploits that have become somewhat commonplace in 2022.

This event so far has hundreds of addresses receiving tokens directly from the bridge.