Hacker Returns $9 Million Worth of Stolen Funds Off the Nomad Bridge

Hacker Returns $9 Million Worth of Stolen Funds Off the Nomad Bridge
  • Nomad disclosed that it is using a leading chain analysis service to track funds.
  • More than $1 billion has already been stolen from bridges in 2022 as per reports.

Almost $190 million in cryptocurrency was taken off the Nomad Bridge by hackers this morning. The hack once again exposed the flaws in the decentralized financial sector.

WBTC, WBTC Wrapped Ether, USD Coin, Frax, Covalent Query Token, Hummingbird Governance Token, and Card Starter were among the tokens taken, according to reports. As compared to past attacks, this one saw hundreds of addresses receive money from the bridge, making it one of the most violent hacks in history.

Rising Hacking Attempts Huge Concern

Later in the day, a post from the Nomad’s official Twitter account explicitly requested that white-hat hackers/ethical researchers transfer back the drained assets to an Ethereum-based wallet address.

Because of their partnership with custodian bank Anchorage Digital, Nomad is able to accept and preserve Ethereum [ETH] as well as the Ethereum Classic Token (ERC-20). Details about the hackers remain a mystery. On the other hand, Nomad disclosed that it uses a leading chain analysis/intelligence service to track the movement of funds and identify the recipient wallets.

Multiple addresses returned the $9 million that was stolen. An investigation by PeckShield has shown that a majority of the stolen monies are still held in three primary addresses. It was just days after hackers targeted the Nomad bridge protocol that the Solana ecosystem was assaulted on Wednesday, resulting in the compromise of thousands of wallets. It is yet unclear who is behind the assault on over 8,000 online hot wallets.

In the wake of Monday’s Nomad security breach, Solana’s troubles are further compounded. According to a June study by forensics company Elliptic, more than $1 billion has already been stolen from bridges in 2022.

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A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.