Key Takeaways
The bulk of funds drained was USDC, WETH, and WBTC. Reportedly a vulnerability in the Nomad bridge contract allowed it to accept arbitrary root hashes, allowing several entities to withdraw large amounts of assets.
Nomad, a protocol allowing users to move digital assets between different blockchains, experienced security exploit on Monday evening. The exploit led to nearly $200 million in crypto being drained from the bridge. According to analytics firm Defi Llama , the bridge closed off in July with a TVL of right around $190M.
The security exploit came into light soon after many users on crypto Twitter began to watch the bridge get exploited, raising concerns about suspicious transactions. This was soon followed by the Nomad putting out a tweet confirming the hack. The nomad team stated that it was aware of the “incident involving the Nomad token bridge” and is “currently investigating the incident.”
Nomad bridge is getting drained, your funds might be at risk and might be able to still withdraw the remaining funds ⚠️ https://t.co/RgYmjSV9eB — stani.lens (