Crypto service Nomad lost $200 million in hack: report

In a tweet, Nomad said it is “working round the clock to address the situation and have notified law enforcement and retain leading firms for blockchain intelligence and forensics”.

According to CBNews, the company said that it aims to identify the accounts that stole cryptocurrency from its service and recover the money.

Nomad operates a so-called Blockchain Bridge, which allows people to transfer tokens from one blockchain to another, solving the challenge of interoperability between different types of cryptocurrencies.

But these technically complex services have been prone to attacks, with hackers taking advantage of security vulnerabilities to steal more than $1 billion in assets so far in 2022, according to forensics firm Elliptic.

A security researcher on Twitter described the Nomad attack as “chaotic” and “free-for-all”, with people flocking to remove accounts after realizing that a security flaw meant they could be hacked if they had a If a valid transaction request is found, they can replace the other person’s address with their own and effectively redirect assets to their own accounts.

Nomad accused “impersonators of posing as nomads and providing fraudulent addresses to collect money.”

The theft follows the hack of the blockchain Bridge Harmony in June, which caused about $100 million in damage in the attack. These bridges are seen as particularly vulnerable to hacks partly due to their relative novelty and inevitable bugs and are therefore often targeted by cybercriminals.

Recent hacks include the $320 million wormhole hack in February and the more than $600 million Ronin Network hack in March.

Disclaimer: This story is auto-aggregated by a computer program and is not created or edited by FreshersLIVE.Publisher : IANS-media

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