Hackers withdrew more than $190 million from the Nomad project

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Unknown persons managed to hack the cross-chain bridge of the Nomad decentralized finance project and completely devastate it.Experts called the attack "the most chaotic hack" in the industry.

The Nomad bridge's smart contract contained $190.7 million worth of various tokens.On the morning of Wednesday, August 2, hackers managed to withdraw almost everything, leaving about $650 worth of assets in the smart contract.At the same time, the bridge was emptied with the help of many transactions and it seems that at least several people were involved in the attack.

According to a computer security specialist under the pseudonym saczsun, during a routine minor update of a smart contract, the developers made a mistake that automatically approved almost any transaction sent to the contract.  As a result, the attackers did not need to have a good knowledge of the Solidity programming language or an understanding of information security.In fact, anyone could take an already completed transaction, change the recipient's address to their own, and send it to the contract.

The developers said they are investigating the issue.and will provide more detailed information later. However, given that the project was completely devastated, this is unlikely to console users who lost their funds.

The attackers withdrew WBTC, WETH, USDC tokens,FRAX, CQT, HBOT, IAG, DAI, GERO, CARDS, SDL and C3 from the Nomad gateway. It allowed the exchange of tokens between the Ethereum, Avalanche, Evmos, Mikomeda C1 and Moonbeam networks.

Just a few days ago, the Nomad project raised more than $22 million in funding from various companies, including Coinbase Ventures and OpenSea. The project capitalization reached $225 million.

The Nirvana Finance DeFi project on the Solana blockchain was recently hacked. The hacker managed to withdraw $3.5 million.