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Market News Nomad Bridge Hackers Return $9M in USDT, USDC After $190M Exploit

Nomad Bridge Hackers Return $9M in USDT, USDC After $190M Exploit

Hackers paid back to Nomad Bridge around 5% of the total lost cash, largely stablecoins, according to PeckShield statistics.

Skylar Shaw

2022-08-04

462

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On Monday, a security flaw led to the cross-chain communications bridge Nomad becoming the target of one of the largest breaches. Hackers stole digital assets worth $190.38 million, including Wrapped Bitcoin (WBTC) and the USD Coin stablecoin (USDC).

The token bridge said that law enforcement personnel are conducting investigations "round the clock." Accordingly, the company tweeted on Wednesday that it is looking for "ethical researchers" and "white hat hackers" to repay payments.

According to the tweet, Nomad and cryptocurrency custodian Anchorage Digital have collaborated, and Anchorage Digital will receive and secure the returned assets. The message said, "We now have a way for you to do so if you are a white hat hacker/ethical security researcher who obtained ETH/ERC-20 tokens with the aim of returning them."

$9 million in returns to date

PeckShield, a blockchain security company, has revealed statistics showing that hackers had recovered $9 million of the total stolen assets. After Nomad provided the address for money recovery, this represents around 5% of the cryptocurrency assets that have been stolen.

The majority of the assets given back, $3.78 million USDC and $2 million USDT, were stablecoins, according to PeckShield's statistics. Covalent (CQT), worth $1.38 million, and Frax, worth $1.2 million, follow (FRAX). The money was taken and transmitted to many crypto addresses.

Users may send and receive tokens from the Ethereum (ETH) blockchain to other blockchains, including Avalanche (AVAX), Evmos (EVMOS), and Moonbeam, using Nomad Bridge (GLMR).

The Nomad put the responsibility on "impersonators masquerading as Nomad and offering false addresses to collect payments," according to press sources.

The theft of blockchain bridge Harmony, which suffered a loss of almost $100 million in a June hack, was followed by the vulnerability. Given that they are relatively new and certain to have vulnerabilities, the majority of hackers target these token bridges.

Cross-chain bridges are "complex," says Nikos Andrikogiannopoulos, CEO of Metrika, a blockchain operational intelligence source, and more frequent software changes might cause flaws and open up opportunities for exploitation.