Nomad Bridge has retrieved 36 M USD after exploit

Nomad Bridge’s official fund retrieval address has so far gathered more than USD 36 million. The cross-chain messaging protocol was drained of USD 190m worth of funds last week in what many named “the first decentralized robbery.”

nomad-bridge-exploit-recovery

According to Etherscan transactions, the recovery wallet presently holds crypto assets worth USD 36.4m.

The wallet, labeled as the “official Nomad funds recovery address” by Etherscan, has received ETH 2,179.5 which is worth around USD 3.9m, USDC – 9.77m, USDT- 5m, WBTC 196 i.e. USD 4.7m, DAI worth 3.7m, and varying amounts of other ERC-20 tokens.

The fund recovery wallet was conveyed by the team on August 3.

However, the return of stolen funds ostensibly gained traction after the team announced an up to 10% bounty, saying that those who return at least 90% of stolen funds would be considered white hat hackers and they will not seek any legal action against them.

In that exact announcement, the team communicated that more than USD 20m had been retrieved by that point. 

On Monday, the team informed that they created the Nomad Official Communication Key to send on-chain messages to outstanding wallet addresses in a request to reach out to other white hat hackers and recover more funds.

As NFTHi reported, the Nomad Bridge fell victim to a hack earlier this month. The bridge had USD 190m in total value locked before the exploit but saw the funds emptied in a couple of hours.

After the exploit, the Nomad team said a bug caused the Replica contract to fail to authenticate messages properly, allowing everyone to join the attack by copy-pasting the initial hack transaction, which was akin to a “decentralized robbery.”

In addition, the team mentioned that the contracts relying on the Replica for authentication of inbound messages suffered security failures. This authentication collapse resulted in fraudulent messages being passed to the Nomad Bridge Router contract.

According to DeFi Llama, the project has currently a total value locked (TVL) of USD 95,366, according to DeFi Llama.


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