• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF

Nomad Bridge Suffers ~$200M Exploit

Taylor Scott by Taylor Scott
1 year ago
in Cryptocurrency Market News
Reading Time: 3 mins read

Bridge exploits continue to prove to be a top concern across DeFi and crypto at large, as bridges time and time again have proven to be a major point of vulnerability. Enter once again another prime example with the latest 9-figure exploit, this time on the multi-chain Nomad Bridge.

In the early hours following the exploit, we’re looking at an exploit in the range of $160-190M – let’s take a look at this and more from what we know thus far.

Nomad’s Collapse

According to Defi Llama, the bridge closed off July with a TVL of right around $190M, and as August went underway, many users on crypto Twitter began to watch the bridge get exploited and essentially drained to 0. The bulk of that was in USDC, WETH, and WBTC. However, roughly a half dozen different tokens were drained, ranging anywhere from ten’s of thousands to nearly $100M worth.

It was first noted by Twitter user @spreekaway:

Nomad bridge getting rugged??? Looks very very sus pic.twitter.com/nvtMIjf0rD

— Spreek (@spreekaway) August 1, 2022

Seed investors in Nomad include the likes of Polygon, Coinbase Ventures, OpenSea and others, and the bridge took on a $22M round of fundraising just 4 months ago.

Ether (ETH) can be wrapped to be used to transfer across networks, through bridges, at a lower cost than ETH. | Source: ETH-USD on TradingView.com

Related Reading | TA: Near Protocol Struggles To Break Out Despite Relief Bounce

Another Bridge Bites The Dust

However the Nomad team looks to recover, it will be a long road to travel. Bridges continue to be a focal point of vulnerability in crypto, as 9-figure exploits continue to wreak havoc. Earlier this year, Wormhole suffered a loss over $300M in one of the biggest losses in DeFi history. Cross-chain activity should be a major point of emphasis for crypto security as many have touted it as “the future of crypto” – but also offers areas of vulnerabilities.

Unlike many of the vulnerabilities seen in crypto, however, this one was seemingly just a contract exploit utilized by a variety of addresses (some of which have said they plan to return the funds). In this case, a user manipulated code noted in the bridge’s audit, taking advantage of a vulnerable function to have every message on the bridge valid. Other users saw this taking place, and sought to see if they could do so themselves.

Perhaps enough funds will be returned for the bridge to continue forging ahead after the dust settles. At time of publishing, the bridge’s TVL sits just shy of $5,000 – a tiny amount of the near $200M locked pre-exploit, but still a small bounce back from the sub-$1,000 worth that was seen immediately following the exploit.

Related Reading | Ethereum Investors Clamor To Take Profits As Profitability Explodes

Featured image from Pixabay, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
Tags: BridgeethusdNomad
Tweet123Share196ShareSend
Taylor Scott

Taylor Scott

Taylor specializes in crypto activity across sports and entertainment. With nearly a decade of engagement with cryptocurrency, Taylor has spent several years working in talent representation with musicians, comedians, and speakers, and achieved a Sports Business MBA in 2020.

Related Posts

Crypto liquidations

Bitcoin Shakeout Drives $190 Million In Losses For Over 81,000 Traders

32 mins ago
BRC-20

This BRC-20 Token Just Breached $1 Billion Market Cap With 180% Rally Today – Details

5 hours ago
crypto

Banking Giant CEO Trashes Crypto – Again – And Warns Of Ban: Here’s Why

7 hours ago
Solana SOL Ethereum

Solana Dominates Ethereum In Daily Active Wallets, SOL Back To $140?

9 hours ago
Bitcoin fractal

Bitcoin Bullish Fractal Returns: Analyst Predicts Another Leg-Up With Price Target

12 hours ago
Bitcoin Greed

Bitcoin Pushes Into Extreme Greed, What You Should Expect From Here

14 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • The Bull Market Is Back! Crypto Presale Doge Uprising...

    6 mins ago
  • Become a Casino Owner With $SCORP and Earn Daily Passive...

    4 hours ago
  • Why this Meme Coin Could Outshine Doge and Pepe in December

    4 hours ago
  • Here’s Five Reasons Why Investors Are Rushing To...

    18 hours ago
  • Bitcoin Blasts Towards $50K as This New Presale Eyes $500K

    23 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.