According to a new analysis released this week by cryptocurrency exchange Coinbase, 88% % of the exploiters behind Nomad’s bridge hack were likely individuals were Copycats who copied the key attacker’s code and carried out their attack.
The Nomad is a bridge protocol connecting to various chains, including Moonbeam, Ethereum, and others. The Nomad bridging protocol employs both on-chain and off-chain components. While off-chain agents transmit and verify communications between multiple blockchains, on-chain smart contracts collect and distribute bridging funds.
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Nomad’s Almost $190 Million Got Hacked by Copycats
Nomad, a cross-chain bridge, had approximately $190 million, or nearly all of its token reserves, stolen early in August. As a result, 88% of all addresses that used the attack were identified as “copycats,” having stolen nearly $88 million in tokens from the Nomad bridge.
Following the $250 million Wormhole Bridge attack in February and the $540 million Ronin Bridge hack in March, the Nomad Bridge hack now ranks as the third-largest Decentralized Finance (DeFi) hack of all time and the fourth-largest in 2022.
Nomad Launched a Reward Program
These cross-chain bridges have been chastised for being overly centralized, making them an easy target for attack. As a result, Nomad launched a reward program last week while continuing to work with security organizations and ethical hackers to recover some of the stolen funds.
More than $25 million had been recovered by August 10th, but the majority was still missing.
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