Hack of US Cryptocurrency Firm Nomad Leads to $190M Loss in Bridge Attack – SC Media | Omd Cialis

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Popular cryptocurrency firm Nomad suffered a bridge hack in which online attackers reportedly stole nearly $200 million in funds in a matter of hours News and Tweets on the nomad side itself.

In what has been dubbed one of the biggest crypto attacks in recent memory, bad actors siphoned an estimated $190 million in funds from the San Francisco-based blockchain bridge site that makes it easier for people to exchange their crypto -Exchange tokens from one site to another. The attack began Monday and reportedly continued through Tuesday morning, Nomad confirmed a tweet from Aug. 2where the company said it was working “around the clock to address the situation and [had] notify law enforcement and engage leading blockchain intelligence and forensics firms.”

“Our goal is to identify the accounts involved and track down and recover the funds,” the tweet added. Nomad also released a statement to CoinDesk.

The Nomad Bridge attack was the third largest crypto heist of 2022 and the ninth largest of all time, according to Comparitech’s global cryptocurrency heist tracker. But that’s not all that sets this attack apart, according to Rebecca Moody, head of data research at Comparitech.

“In a unique twist, the hack on Nomad appeared to be performed by numerous copy-and-paste actors,” Moody said. Experts suggest that the “first hacker found a fatal flaw in the platform’s replica contract, meaning anyone – including those with no programming knowledge – could locate a working transaction, use its address to replace the user’s address, and could send them again. ‘ added Moody.

“There is evidence that white hat hackers removed some of the funds to protect them,” Moody said, “but it remains to be seen how much of the $190 million is recoverable.” After the vast majority After most of the funds were stolen from Nomad, only $651.54 was reportedly left, she said. Earlier Tuesday, Nomad tweeted, “Thank you to our many white hat friends who have been proactive and secured funds. Please continue to hold them back until we provide further guidance on this thread.”

The blockchain bridge company posted on Twitter Monday night that it was “aware of impersonators posing as nomads and giving fraudulent addresses to raise funds”.

Well before this attack on Nomad, more than $1 billion in assets were stolen from blockchain bridge sites by the end of June 2022, according to forensics firm Elliptic. These attacks are often attributed to the emerging status of bridge sites and the associated lack of security. Case in point: In June, blockchain bridge Harmony reportedly lost about $100 million in an attack; Ronin Network Suffered $600 Million in Losses in March; and Wormhole was acquired in February for $320 million.

“Most attacks on crypto companies require specialized knowledge of how transactions are conducted and how this process can be exploited,” said Paul Bischoff, privacy officer at Comparitech, “but in this case, anyone with knowledge of the vulnerability could drain and exploit and steal.” coins.”

Unfortunately, Bischoff said there are likely to be more such attacks. “Unlike fiat currencies, crypto wallets are not insured and transactions cannot be reversed,” he said.

“As long as there are plenty of novices moving piles of money,” he added, “we will continue to see attackers target crypto companies and their customers.”

Chris Cleveland, founder and CEO of PIXM, said the Nomad incident is a reminder of how far the security of cross-chain bridges and general cryptocurrency platforms needs to go to keep up with the cybersecurity standards of other financial infrastructures.

“We see and monitor crypto-related phishing and other cyber attacks every day, and they are becoming more sophisticated and requiring more caution from users than ever before,” Cleveland said.

Erich Kron, security awareness advocate at KnowBe4, said he expects attacks on cryptocurrency platforms to only increase.

“Given the significant amount of money lost in these attacks, often in the tens of millions, it’s no wonder attackers continue to pour many resources into trying to find and exploit vulnerabilities in all parts of the cryptocurrency industry,” Krone said.

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