Skip to main content

Nomad denies claims: vulnerability was previously unknown

 


The Aug. 3 hack of the Nomad token bridge was the fourth largest crypto hack in history. There, nearly $200 million worth of crypto assets were stolen from the platform. But not only the hack, but also the method behind it attracted a lot of attention.


The exploit was possible due to a smart contract vulnerability. In addition to the hacker, hundreds of other users also used these and took as much as possible with them. All they had to do was copy the transaction details used by the original hacker and enter their own wallet address. This event was later classified by many as a decentralized heist as regular community members were also involved.


The Nomad team later revealed  to Cointelegraph that some of the people who were withdrawing funds acted benevolently to prevent the hackers from stealing all of the cryptocurrencies.


After the hack, crypto analytics firm BestBrokers determined that the first attack happened on August 1st. In this case, 400 Bitcoin ( BTC ) were stolen in four different transactions. The hackers then extracted 22,880 Ether ( ETH ), then moved on to the stablecoins worth over $107 million, and finally to the altcoins backed by the project.


The incident involved WBTC, Wrapped Ether (WETH), USD Coin ( USDC ), Frax (FRAX), Covalent Query Token (CQT), Hummingbird Governance Token (HBOT), IAGON (IAG), Dai ( DAI ), GeroWallet (GERO ), Card Starter (CARDS), Saddle DAO (SDL) and Charli3 (C3) tokens stolen from the bridge.


Some altcoins stolen from the platform have seen drops of as much as 94 percent. According to the analytics firm's data , the following altcoins saw the biggest drop after the hack:



The exploited smart contract vulnerability was previously highlighted in a security audit report by Quantstamp in the first week of June. The Nomad team responded that it was "virtually impossible to find the blank slate archetype".


The investigators believed the Nomad team misunderstood the issue at the time. Two months later, this same vulnerability resulted in nearly $200 million in losses.


Cointelegraph reached out to Nomad for comment on the discovery, and the team has since responded that the vulnerability identified by Quantstamp was different from the one that enabled the hack. The company also assured that it is actively working to return the money to users.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more