Nomad cross-chain crypto bridge suffers $190 million exploit

Quick Take

  • A possible exploit of the Nomad cross-blockchain bridge has resulted in the outflow of millions of dollars worth of crypto.
  • As much as $190 million worth of crypto assets were taken by hackers.

A possible exploit of the Nomad cross-blockchain bridge has resulted in the outflow of millions of dollars worth of crypto.

The still-developing situation appears to have begun just after 5:30 EDT. Initial outflows from the Nomad bridge contract focused on wrapped bitcoin (WBTC), with holdings of wrapped ether and later the stablecoin USDC also affected. As much as $190 million worth of crypto was taken, security firm PeckShield told The Block.

It's also not clear whether the potential exploit is the work of a single actor or multiple, though blockchain data suggests that transactions may have been constructed to give the appearance of multiple actors.

"Right now the official update is that we're aware and actively looking into this," the team said in a Discord message.

The team behind the Nomad project raised a $22.4 million seed round earlier this year. Its backers include OpenSea and Coinbase, among others.

Update: This article has been amended to clarify that the hack amount was $190 million based on the latest findings.


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.