Bridge exploits continue to prove to be a top concern across DeFi and crypto at large, as bridges time and time again have proven to be a major point of vulnerability. Enter once again another prime example with the latest 9-figure exploit, this time on the multi-chain Nomad Bridge. In the early hours following the exploit, we’re looking at an exploit in the range of $160-190M – let’s take a look at this and more from what we know thus far. Nomad’s Collapse According to Defi Llama, the bridge closed off July with a TVL of right around $190M, and as August went underway, many users on crypto Twitter began to watch the bridge get exploited and essentially drained to 0. The bulk of that was in USDC, WETH, and WBTC. However, roughly a half dozen different tokens were drained, ranging anywhere from ten’s of thousands to nearly $100M worth. It was first noted by Twitter user @spreekaway: Nomad bridge getting rugged??? Looks very very sus pic.twitter.com/nvtMIjf0rD — Spreek (@spreekaway) August 1, 2022 Seed investors in Nomad include the likes of Polygon, Coinbase Ventures, OpenSea and others, and the bridge took on a $22M round of fundraising just 4 months ago. Ether (ETH) can be wrapped to be used to transfer across networks, through bridges, at a lower cost than ETH. | Source: ETH-USD on TradingView.com Related Reading | TA: Near Protocol Struggles To Break Out Despite Relief Bounce An...
