Nomad DeFi Bridge Drained of At Least USD 150M in `Chaotic` `Decentralized Robbery`

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Nomad DeFi Bridge Drained of At Least USD 150M in 'Chaotic' 'Decentralized Robbery'

Cross-chain messaging protocol Nomad, which allows users to send and receive tokens between different blockchains, was drained of at least USD 150m after experiencing a security exploit that allowed bad actors to spoof messages.

The Most Fascinating Digital Heist in History


NOMAD (a crypto bridge protocol) has recently been subjected to a historic “decentralized” digital heist the likes of which the world has never seen. Today we get to look at one of the strangest (and most ridiculous) robberies that has ever taken place as the platform was drained of nearly 200 million dollars… in just 3 hours.

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#hackers #nomad #crypto

Crypto Bridge Nomad Hacked – 166


https://twitter.com/0xfoobar/status/1554269047176548353?s=20 &t=XzP3xp2atYjwq0uX1vp5uA

Crypto Bridge Nomad Hacked, $45M Stolen So Far: Report
https://www.coindesk.com/business/2022/08/02/nomad-hacked-45m-stolen-so-far-report/

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$200 Million In Cryptocurrency Stolen | Nomad Bridge Exploit – How It Happened | Breach of the Month


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Nomad Bridge $190M Drained – Biggest Decentralized Hack – DEFI Hacks Explained


Hey guys!

Unfortunately, this is another episode in our “Defi Hacks Explained” series.

This week the Nomad bridge Ethereum smart contract was exploited and $190M (In form of ETH and ERC20 tokens) was stolen by 41 different actors.

In today’s video we will learn:
* What Is Nomad Bridge
* The fact that Known Brands back up the project, doesn’t mean that it’s immune to hacks.
* The nomad bridge vulnerability and exploitation will be explained in-depth
* We would examine if a smart contract auditing would help in that case.
* We will take a look at the exploited Nomad Bridge smart contract and the malicious transactions
* Shoutout to some Web3 White Hat Hackers that decided to return funds to the Nomad Bridge Rescue Wallet.

It’s gonna be super interesting and I’m super excited – let’s go!

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Useful Links:

Vulnerable Nomad Bridge deployed contract on Ethereum blockchain:
https://etherscan.io/address/0x88a69b4e698a4b090df6cf5bd7b2d47325ad30a3#tokentxns

Exploitation by RariCapital Exploited:
https://etherscan.io/tx/0x358ea0b0519320055aed5773feec8d1869a641cb2d335936abcad68faef54db1

Attack explanation by Gil:
https://twitter.com/xgilxgil/status/1554294556463603713

Official Nomad Bridge return funds announcement:
https://twitter.com/nomadxyz_/status/1554679735006859264

The vulnerable code:
https://github.com/celo-org/optics-monorepo/blob/e5df6b5e4b81e0ad17ce5639a7b314070f05f187/solidity/optics-core/contracts/Replica.sol#L174

Nomad Bridge exploitation analytics:
https://dune.com/beetle/nomad-bridge-assets

Different actors exploiting the vulnerability:
https://twitter.com/sniko_/status/1554256312392945665?s=21 &t=lO0bsh9YILoNqJDA836FWQ

White hat hacker wants to return funds:
https://etherscan.io/tx/0x93af1daa536d6726a9b0c52bd4cb87ffddc492e2ea8a935ded7a5cc57d80fbb0

Another Robin Hood:
https://twitter.com/0x_beans/status/1554268033023201280?s=21 &t=lO0bsh9YILoNqJDA836FWQ

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Timestamps:
00:00 Intro
01:40 What Is Nomad Bridge
02:35 Known Brands Doesn’t Mean Secured
03:50 Nomad Bridge Vulnerability Explained
07:30 Would Smart Contract Auditing Help?
08:40 Nomad Bridge Contract
10:30 Decentralized Hack
12:20 Web3 White Hat Hackers
16:00 Outro And Summary
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⚠️⚠️⚠️ #DEFI #Hacks #Nomad #Bridge #Hack #Explained #Exploited #blockchain #ethereum #EVMOS #MOONBEAM #Coin #tokens ⚠️⚠️⚠️
The content in any of Johnny’s Youtube videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other & may be outdated or inaccurate; it is your responsibility to verify all information.
I do not provide personal investment advice and I am not a qualified licensed investment advisor.
I am just sharing my knowledge and my findings.
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Until next time,
Johnny Time