$200 Mn Worth CRYPTOS HACKED
Hackers drained almost $200 million in cryptos from Nomad
This hack has been the most chaotic hacks that Web3 has ever seen
Nomad is a tool that lets users swap tokens from one blockchain to another.
It started with an upgrade to Nomad’s code. One part of the code was marked as valid whenever users decided to initiate a transfer,
which allowed thieves to withdraw more assets than were deposited into the platform
Once other hackers came to know that what was going on, they deployed armies of bots to carry out copycat attacks.
Without prior coding experience, any user could copy the original attackers’ transaction call data and replace the address with theirs to exploit the protocol
The hack became a free-for-all where multiple users started to drain the network by simply replaying the original attackers’ transaction call data.
Nomad is a tool that lets users exchange tokens and information between different crypto networks. They’re used as an alternative to making transactions directly on a blockchain like Ethereum.
The instances of vulnerabilities and poor design have made the bridge a prime target for hackers seeking to swindle investors out of millions
Around more than $1 billion in crypto assets has been stolen through bridge exploits so far in 2022
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