In this article, we will be covering how $45 million was stolen after the Nomad bridge hacked, and what it means.
Nomad bridge was hacked, and $45 million was stolen. The Nomad protocol, which enables users to transfer digital assets between several blockchains, is now under intense hacking on Monday night. Over $100 million in cryptocurrency is still in danger as of 7:15 p.m. New York time, and the attacker(s) have stolen $45 million in wrapped Bitcoin, Ether, and different stablecoins from the system. A statement came from the Nomad team on the subject.
Nomad team investigating the case
“At Nomad bridge, our goal is to make it safer to communicate across blockchains,” Nomad said last week. “We believe that secure cross-chain messaging is the key to uniting DeFi ecosystems and unlocking the true power and potential of block space, wherever it may be.”
We are aware of the incident involving the Nomad token bridge. We are currently investigating and will provide updates when we have them.
— Nomad (⤭⛓🏛) (@nomadxyz_) August 1, 2022
The hack occurs only days after Nomad revealed the complete list of investors that took part in its $22 million seed round, including illustrious names like Polychain Capital, Wintermute, Coinbase Ventures, and Wintermute.
Axie Infinity lost more than $600 million
The breach on Monday is the most recent to target “bridges” in cryptocurrency, which enable the transfer of cryptocurrencies and other digital assets between blockchains that would not normally be compatible. Axie Infinity’s Ronin Bridge suffered a cyberattack that cost it more than $600M earlier this year.
We hope that you enjoyed this article on Nomad bridge hacked. If you did, we are sure that you will also enjoy reading our other articles, such as Confirmed: British Army Twitter was hacked, or Microsoft Word vulnerability enables a backdoor for hackers.