Nomad bridge recovery wallet has reclaimed $22 million in 8 altcoin tokens after the $190 million hack on Monday. Additionally, 35 different wallets returned funds to the protocol, 24 of which were before the 10% reward was announced. The cryptocurrency market has suffered from several nine-digit cross-chain bridge hacks this year.
Nomad recovers funds from $190M hack
Cross-chain bridge Nomad has fallen victim to an easily replicable attack. Multiple hackers stole $1090 million in funds in protocol on Monday. Today, there has been a good development for altcoin. About $22 million of the stolen funds were returned to Nomad. Thus, Nomad’s recovery wallet managed to recover more than $22 million after the nine-digit hack.
Etherscan data shows Nomad recovery fund Ethereum (ETH), USD Coin (USDC), Tether (USDT), DAI, Covalent (CQT), Frax (FRAX), Wrapped BTC (wBTC), and Wrapped as of August 5 at 3:52 PM UTC. It shows that it has reached $22 million in various tokens including ETH (wETH).
How did the altcoin hack take place and evolve?
Nomad is a bridge that allows users to send tokens between Ethereum, Evmos, Milkomeda and Moonbeam. It was heavily hacked after an exploit was exposed on Monday. The vulnerability allowed a large number of opportunists to take money off the bridge without requiring any in-depth knowledge. The bridge suffered approximately $190 million in damage before the breach was patched.
Some ‘white hat’ hackers raided the bridge specifically to return the funds to the Nomad team. On Tuesday, the Nomad team submitted the address to a recovery wallet starting with 0x94A8. He later said he was working with law enforcement and financial crime investigation firm TRM Labs. Nomad has offered hackers a 10% reward for the safe recovery of funds taken from the bridge. He said that if they give back 90% of their earnings, they will not face any legal action. 35 wallets sent tokens to the recovery wallet at the time of printing. Here are 11 of them returned the funds after the award was announced.
Nomad is not alone in cross-chain bridge attacks
cryptocoin.comAs you follow, the crypto space has suffered from several major cross-chain bridges this year. In addition to the Nomad incident, hackers stole $550 million from Axie Infinity’s Ronin bridge in March. In addition, Harmony’s Horizon bridge was hacked for $100 million last month.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. Therefore, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.