Hackers swiped $190 million worth of ether and stablecoins from crypto firm Nomad, report says

By August 2, 2022Ethereum
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Hackers swiped $190 million from the Nomad crypto bridge, Reuters said Tuesday
  • Hackers stole $192 million worth of ether and stablecoin's from crypto firm Nomad, Reuters reported.
  • The the theft occurred on a so-called token bridge, which allows the transfer of different tokens.
  • Nomad recently raised $22 million in new funding from firms including Coinbase.

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Hackers took cryptocurrency firm Nomad for $190 million worth of stablecoins and ether, Reuters first reported.

Nomad said on Twitter that the company was aware of the theft and was investigating the matter. The theft occurred on Nomad's cryptocurrency bridge, a vehicle that allows users to exchange different cryptos via neighboring blockchains.

Nomad is the latest cryptocurrency bridge to fall victim to a heist. $1 billion worth of tokens have been stolen from crypto bridges in 2022 alone, and they are a preferred target for hackers as they are often developed by anonymous parties and are often run with little security behind them.

But Nomad sought to differentiate itself from the vulnerability that plagues crypto bridges. According to Nomad's chief executive, "Nomad's optimistic security model is the gold standard for trust-minimized cross-chain communication."

In February Hackers stole $300 million from Wormhole, which connects the Ethereum blockchain to Solana. Just a month. later, $615 million worth of cryptos were stolen from the Ronin Bridge.

Reuters reported that crypto analytic firm PeckShield said that some of the cryptos were sent to a "mixer," which can disguise the origins of coin transactions, while roughly $95 went to three privately held wallets.

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