.nomadxyz_ pitched itself as a 'secure' alternative to other cross-chain bridges. On Monday, it was drained completely. How did Nomad lose $200 million? skesslr reports
The cross-chain token bridge Nomad was exploited Monday, with attackers draining the protocol of virtually all of its funds. The total value of cryptocurrency lost to the attack totaled near $200 million.
CoinDesk has reached out to Nomad for comment but hadn’t heard back at the time of writing. In a tweet, the team said it was investigating the incident.Bridges typically work by locking up tokens in a smart contract on one chain and then reissuing those tokens in “wrapped” form on another chain. Sam Sun, a researcher at crypto investment firm Paradigm, explained on Twitter that a recent update to one of Nomad’s smart contracts made it easy for users to spoof transactions, meaning people could withdraw money from the bridge that didn’t actually belong to them.
“... you didn't need to know about Solidity or Merkle Trees or anything like that. All you had to do was find a transaction that worked, find/replace the other person's address with yours, and then re-broadcast it,” Sun explained.Bridge attacks have become more frequent in recent months as crypto-users have demonstrated an increased appetite for swapping assets between different blockchains.
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