Nomad, a bridge protocol for transferring crypto tokens across different blockchains, lost nearly $200 million in a secure mine on Monday, according to security firm PeckShield Inc.
Nomad, a bridge protocol for transferring crypto tokens across different blockchains, lost nearly $200 million in a secure mine on Monday, according to security firm PeckShield Inc.
The software system was drained over hours and in small batches by different accounts, blockchain display data.
“An investigation is ongoing and leading blockchain forensics and intelligence companies have been retained,” the company said in a statement. “Nomad’s goal is to identify the accounts involved and trace and recover the funds.”
The attack makes Nomad the latest bridge to be exploited this year. A bridge is software that allows different types of blockchains and their respective tokens to interact with each other, rather than operate in silos.
They have become frequent victims of hacks in recent years, with more than $1 billion stolen from bridges by 2022, according to a June report from the forensic firm Elliptic.
Axie Infinity’s Ronin Bridge Lost About $600 Million in March and Harmony’s Horizon spent $100 million in June.
The cheat comes days after Nomad announced the full list of investors in its $22 million seed round, led by Polychain Capital, with participation from backers including Ethereal Ventures, Hack VC, Coinbase Venture and Crypto.com Capital.
Nomad, which describes itself as a “security-first” cross-chain messaging protocol, has a flaw in its code that allows attackers to broadcast fake messages and withdraw funds, PeckShield said.
One Miners on Nomad were also involved in the $80 million hack from Rari Capital’s Fuse platform since April, according to PeckShield.
