Nomad lost $190M in a decentralized robbery

Recently, Nomad fell victim to a crypto theft that stole around $190 million. In theory, this would correspond to a code bug in the crypto platform that allows virtual theft by copying a simple script.

Cryptocurrency trading continues its upward trend, resulting in transactions between tokens that increase their fluidity. Nomad, one of the most brilliant messaging protocols among blockchains, will be updating its system to support this new crypto operation. But unfortunately, in the latest update there is a bug that makes him a victim of the latest crypto theft.

What is nomad?

Nomad is a crypto network that allows connections between different blockchains. It serves as a bridge to use Bitcoin on the Ether blockchain or vice versa. Also known as cross-blockchains, these web platforms allow tokens to be transferred between smart contracts and the blockchain.

The cross network offers users various guarantees and promises that their funds will be protected in smart contracts for as long as they want. However, Nomad’s latest update failed to live up to that guarantee, having lost around $190 million in the last few hours. Hours before its start on Monday, August 2, the blockchain connection protocol had just $9,000 in smart contracts.

Investigation into crypto theft is ongoing

After a large amount of money contained in the smart contracts in Nomad went missing, the company management decided to investigate. According to the investigation, the theft was carried out en masse after some anonymous users stole around 100 BTC worth $1.7 million. The only thing cybercriminals do is copy scripts into smart contracts, which serve as a replacement for empty contracts.

Investigators say they will search for those responsible for this cybercrime. Several people were also found mining USDC, a very popular stablecoin within the company worth $202,440.

Read More – What are Mutual Funds?

The company will talk about the progress of the investigation in the coming days. Meanwhile, investigators say it was a ridiculous theft as everything left a record, which helped move the case forward quickly.

Read More – Bitcoin price analysis

On the other hand, cryptocurrencies are recovering in what appears to be an unrelenting downtrend. Bitcoin has increased its price by more than 8.50 percent over the past 7 days, while the value of Ether has increased 12.29 percent. Both tokens indicate that the downtrend is almost over, bringing excitement to the entire virtual market and potentially seeing new ATH signups before 2022.

Leave a Comment

Your email address will not be published.