Hackers Hacked The DeFi Protocol Again

Hackers Hacked The DeFi Protocol Again

Hackers Hacked The DeFi Protocol Again

The developers of the cross-chain decentralized finance (DeFi) protocol Nomad have confirmed reports that hackers have exploited an intelligent contract vulnerability. They revealed the details of the incident. The creators of the startup confirmed that: according to preliminary estimates, $190 million was stolen.

According to security experts, the Nomad cross-chain bridge was hacked early in the morning of August 1, 2022. The attackers removed almost all the funds frozen in the smart contract from the protocol. The attackers, including white hat hackers who intend to recover the funds, managed to liquidate the total bridge value locked (TVL) in just a few hours.

This attack is the largest of the last to receive high-profile publicity. Users of cryptocurrencies once again asked the question of the security of internet protocols. Nomad allowed clients to send and receive tokens between different blockchains. According to the DeFi platform Llama, the hackers withdrew $190.7 million and left $651 worth of digital currencies in the contract. However, the developers from Nomad suggested that some of the funds were withdrawn by white hackers (security specialists who test the reliability of protocols).

At the moment, the rumors have been confirmed and one of the hackers has expressed a desire to return part of the funds. He is waiting for feedback from the startup team. In addition, the founders of the project began cooperation with companies that ensure the security of the blockchain, and also notified law enforcement agencies and began work on solving the problem of returning crypto-currency assets.

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