The post Nomad Crypto Bridge Hacker Purchases $ETH at the Market Bottom appeared on BitcoinEthereumNews.com.

The prominent cross-chain bridge Nomad recently went through a significant exploit. A well-known on-chain crypto analytics firm Lookonchain disclosed that the Nomad exploiter has recently spent up to 39.75M $DAI tokens to purchase 16,892 $ETH. The analytics platform took to its official social media account to provide insights into this development. Nomad Crypto Bridge Exploiter Buys $ETH with $DAI According to Lookonchain, the exploiter made this move just an hour ago. In addition to this, the exploiter is also using crypto-mixing services. As per the analytics platform, the exploiter is currently depositing $ETH coins to Tornado Cash. In this way, the exploiter intends to wipe out the traces of the exploited assets. At the moment, they are working in collaboration with the forensics and blockchain intelligence companies. In this respect, they intend to investigate as well as recover the funds that the bad actor drained from the bridge. A recent update concerning one of the smart contracts on Nomad paves the way for the respective attack. The update reportedly permitted the consumers to spoof transfers and redeem funds that were unrelated to them. Dissimilar to the former bridge attacks, the latest Nomad exploit was potentially not restricted to one exploiter. Hence, several consumers exploited the respective vulnerability to take away the bridge’s funds. The event signifies the risks linked to cross-chain bridges. Such bridges are reportedly gaining substantial popularity among crypto clients. The Exploiter Drains $200M from Nomad Crypto Bridge Thus, they mostly use these bridges for swapping assets between diverse blockchains. This exploit offers an exclusive example of a series of high-profile events. They take into account the Ronin Bridge attack that occurred in April, incurring $600M in losses. Another such exploit was the Wormhole Bridge attack. The exploiter drained more than $300M in that exploit. As per Lookonchain,…

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Filed under: News - @ August 6, 2024 2:12 am