Good News From Nomad Hack: These 8 Altcoins Have Been Recovered!

Nomad bridge recovery wallet has reclaimed $22 million in 8 altcoin tokens after the $190 million hack on Monday. Additionally, 35 different wallets returned funds to the protocol, 24 of which were before the 10% reward was announced. The cryptocurrency market has suffered from several nine-digit cross-chain bridge hacks this year.

Nomad recovers funds from $190M hack

Cross-chain bridge Nomad has fallen victim to an easily replicable attack. Multiple hackers stole $1090 million in funds in protocol on Monday. Today, there has been a good development for altcoin. About $22 million of the stolen funds were returned to Nomad. Thus, Nomad’s recovery wallet managed to recover more than $22 million after the nine-digit hack.

Etherscan data shows Nomad recovery fund Ethereum (ETH), USD Coin (USDC), Tether (USDT), DAI, Covalent (CQT), Frax (FRAX), Wrapped BTC (wBTC), and Wrapped as of August 5 at 3:52 PM UTC. It shows that it has reached $22 million in various tokens including ETH (wETH).

Altcoins

How did the altcoin hack take place and evolve?

Nomad is a bridge that allows users to send tokens between Ethereum, Evmos, Milkomeda and Moonbeam. It was heavily hacked after an exploit was exposed on Monday. The vulnerability allowed a large number of opportunists to take money off the bridge without requiring any in-depth knowledge. The bridge suffered approximately $190 million in damage before the breach was patched.

Some ‘white hat’ hackers raided the bridge specifically to return the funds to the Nomad team. On Tuesday, the Nomad team submitted the address to a recovery wallet starting with 0x94A8. He later said he was working with law enforcement and financial crime investigation firm TRM Labs. Nomad has offered hackers a 10% reward for the safe recovery of funds taken from the bridge. He said that if they give back 90% of their earnings, they will not face any legal action. 35 wallets sent tokens to the recovery wallet at the time of printing. Here are 11 of them returned the funds after the award was announced.

Nomad is not alone in cross-chain bridge attacks

AmkNews.comAs you follow, the crypto space has suffered from several major cross-chain bridges this year. In addition to the Nomad incident, hackers stole $550 million from Axie Infinity’s Ronin bridge in March. In addition, Harmony’s Horizon bridge was hacked for $100 million last month.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.