October 2, 2022


According to a report by PeckShield, white hat hackers recovered around $9 million in stolen Nomad bridge crypto tokens, a day after its $200 million exploit.

Is[In]Crypto had reported that the attack that took place on August 1 targeted nearly $200 million in WETH and WBTC tokens. Soon after, Nomad released a wallet address to recover funds that had been secured by ethical hackers during the attack.

The release also reiterated that “this is the ONLY official refund address,” confirming that it has worked with custodian bank Anchorage Digital to accept and safeguard the returned tokens.

Ethical hackers return funds in ETH, USDC, USDT, etc.

PeckShield found that the $9 million returned includes 100 ETH tokens with a market value of close to $164,000. In addition, the funds also include about 3.78 million in USDC stablecoin, 2 million in USDT stablecoin, 15.8 million CQT covalent query token worth almost $1.38 million, 1.2 million FRAX worth about $1.2 million, 200 WETH worth about $328,000 and $320,000 in fiat DAI stablecoin among other cryptocurrencies.

PeckShield earlier said that six white hat hackers have made more than $8 million, with about $7 million with seven Maximal Extractable Value (MEV) bots having more than $7 million.

The security firm has estimated that three main addresses still host around 50% of stolen cryptocurrencies. And 10% of those hackers, with about $6 million in stolen funds, have Ethereum Name Service (ENS) domain addresses. That said, Nomad’s team confirmed that they are actively working with law enforcement and a leading chain analysis company, TRM Labs, to find the funds.

The Nomad heist among the 10 biggest hacks so far

Meanwhile, security firm Elliptic called it the eighth largest crypto heist to date. The company explained in a blog Position on Wednesday that attackers used a coding flaw to spoof transactions and drain most of the funds in Nomad’s Ethereum contract.

This enabled a recent modification to Nomad’s smart contract, the post said, allowing attackers to falsely claim ownership of collateral within the bridge.

Elliptic stated: “The original exploiter used the vulnerability to bridge 0.1 Wrapped Bitcoin (WBTC) through the Moonbeam blockchain – resulting in 100 WBTC ($2.3 million) in Ethereum.”

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