NEAR is a sharded, developer-friendly, proof-of-stake public blockchain, built by a world-class team that has built some of the world's only sharded databases at scale.
A vulnerability in the bridge allowed people with little technical knowledge to drain almost all of Nomad’s funds.
- Nomad Bridge loses USD $190 million in attack.
- A flaw in a smart contract in traditional finance, a contract is a binding agreement between two parties. In cryptocurrencies, smart contracts execute functions on the blockchain. led to a sort of collective looting.
- Funds could be drained without any technical knowledge.
The cross chain bridge Nomad was the victim of a peculiar hackeo The large-scale bailout that has now drained almost all of the funds deposited in that protocol.
Según los informes, una vulnerabilidad en el protocolo permitió a un grupo de actores maliciosos hacerse con alrededor de USD $190 millones en varias criptomonedas. A diferencia de otros incidentes de su tipo, la explotación no requirió conocimientos técnicos. Ha sido descrito como uno de los ataques más caóticos de DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. hasta la fecha, según Crypto Briefing.
Nomad like other inter-chain bridges, allows users to send and receive tokens between different blockchains. The protocol the set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain. is compatible with Ethereum a decentralized open-source blockchain with smart contracts functionality. , Avalanche , Evmos y Moonbeam .
Frantic collective hacking, what happened?
El hackeo first came to light on Monday night via social media, after some security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. accounts at Twitter alert on suspicious cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. withdrawal movements from the protocol.
According to the crypto-investment firm’s researcher. Paradigm who identifies himself as @samczsun on Twitter, a glitch in one of the smart contracts of the Nomad was what led to the incident. According to explained The error allowed users to fake transactions and trick the platform a place to buy, sell and store cryptocurrency into withdrawing money they didn’t really have.
Like explains CoinDesk bridges a blockchain bridge allows the seamless transfer of data or tokens between two different blockchain projects. generally work by blocking tokens in a smart contract and then reissuing them in the form of a “ wrapped “on another chain. If you sabotage the smart contract where you initially deposit the tokens as happened in the case of Nomad the tokens The wrapped goods no longer have any backing, which can render them worthless.
But the most unusual aspect of the incident was that the malicious actors did not require any programming or computer science expertise, as is usually the case with such attacks. Instead, the vulnerability offered ordinary people a window to extract funds from a relatively simple copy and paste exercise. . In this regard, @samczsun noted:
You didn’t need to know about [programming languages] Solidity the programming language used by Ethereum for developing smart contracts. or Merkle Trees or anything like that. All you had to do was find a transaction that worked, look up/replace the other person’s address with yours, and then retransmit it.
After the flaw was disclosed, many opportunists flocked to Nomad to take advantage of the loot, resulting in a sort of collective looting, or, as @samczsun described it, an “ frenetic free play “.
Another bridge Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. under attack
In the midst of the attack, the Nomad took to Twitter to recognize ongoing piracy. “ We are aware of the incident involving Nomad’s token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. bridge. We are currently investigating and will provide updates when we have them. “, wrote the official account an account is essentially a whose purpose is to track the financial activities of a specific asset/ of the protocol at 7:25 pm (NY time).
The team has been updating the community since then, and most recently reported that they have notified law enforcement and are working with intelligence and forensic analysis firms from Blockchain to find those responsible. “ Our goal is to identify the accounts involved and to trace and recover the funds. “.
Update: We are working around the clock to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the situation and have notified law enforcement and retained leading firms for blockchain intelligence and forensics. Our goal is to identify the accounts involved and to trace and recover the funds.
– Nomad (⤭⛓????) (@nomadxyz_) August 2, 2022
There are still no official reports on what happened, but losses are estimated to be close refers to the closing price; similar to the same term used in stock trading. to $190 million in assets such as Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. envuelto (WBTC), Ethereum envuelto (WETH), USD Coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. (USDC) and others. Meanwhile, security firm PeckShield ha disclosed to The Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. that more than 300 addresses had taken funds from Nomad over the course of an hour.
The high number has made the hackeo in one of the largest to date, amid a wave of attacks targeting the bridges. Blockchain . The protocols cross-chain cross-chain is a technology that enhances the interconnection between blockchain networks by allowing the exchange of information and value. have become the target of hacks in recent months. The exploitation of Nomad joins others such as Wormhole which lost close to $300 million in February, and the massive attack of more than USD $600 million to Ronin Network a network refers to all nodes in the operation of a blockchain at any given moment in time. the bridge of the gameAxie Infinity.
- Hackers extract more than $8 million from Uniswap user through phishing when a scammer pretends to be a trusted institution or person to trick people into revealing sensitive information such as Social Security numbers, passwords, banking details, etc., often through a malware link disguised as legitimate. attack
- Solana stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. disassociated after $3.5 million hack of Nirvana protocol
- Fei Protocol team offers $10 million “no questions asked” to hacking hacking is the process of using a computer to manipulate another computer or computer system in an unauthorized fashion. culprits if they return funds
Article by Hannah Estefania Perez / DiarioBitcoin
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