Global Economic Intersection
Advertisement
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
Global Economic Intersection
No Result
View All Result
Home Econ Intersect News

$190M Stolen In A Nomad Bridge Phishing Scam

John Wanguba by John Wanguba
August 2, 2022
in Econ Intersect News, Economics
0
0
SHARES
20
VIEWS
Share on FacebookShare on Twitter

Nomad Bridge is a cross-chain protocol that became the victim of intriguing phishing exploit on August 1 as it lost nearly all of its $200 million in crypto funds. The protocol was drained of funds over an extensive process of many transactions that left the Nomad Bridge as a poor church mouse with only $651 left on its books.

BREAKING: Nomad cross-chain bridge has been hacked with over $190,000,000 stolen.

— Watcher.Guru (@WatcherGuru) August 2, 2022

Nomad Bridge Is Crashing Down

2022 has proven to be one of the most active years in terms of the total number of hacks seen within the crypto space so far. Moreover, the phishing exploits have established themselves as something of a major trademark strategy being used by the fraudsters.

Now, Nomad Bridge seems to be the latest to have been struck down by the cruel hand of crypto hackers. This news came just a month after the Harmony (ONE) protocol was victimized similarly.

Even though the phishing scam has various similarities to many of the other attacks executed earlier this year, there is one thing that is seen to separate this specific hacker from their predecessors; the criminals, for whatever reason, sent transactions in nearly equal sums, as USD Coin (USDC) was sent to the thieves’ wallets to the exact amount of 202,440.725413 across nearly 200 separate incidents.

Currently, there are 18 million dollars left in the contract, which will probably be drained in the next few hours. pic.twitter.com/bKiEfd2fsd

— Paradigm Engineer #420 (@ParadigmEng420) August 1, 2022

The Community Wants To Help

Despite almost all of the protocol’s funds getting stolen, one spokesperson from Nomad said that concerned community members came in as part of an attempt to safeguard as much of the stolen funds as possible.

The “White hat friends”, as they were known, managed to benevolently protect funds in Dai (DAI), USD Coin (USDC), GeroWallet (GERO), wrapped Ether (wETH), and some other smaller cryptos. Nomad Bridge asserted:

“Our goal is to identify the accounts involved and to trace and recover the funds.”

Nomad facilitates cross-chain transfers between Avalanche (AVAX), Evmos, Ethereum (ETH), and Moonbeam. Notably, Moonbeam’s smart contracts were also targeted by the criminals in the phishing attack. The platform was in the end compelled to disable user transfers and smart contracts interactions “to investigate the security incident”.

Buy Crypto Now

Eventually, the phishing incident has come at maybe the worst time for Nomad Bridge, as the firm had completed successful funding round in April that garnered an impressive $225 million from major players like OpenSea and Coinbase Ventures.

Although the attack set Nomad back three times less than the infamous $600 million Ronin Bridge hack in April, the incident now raised calls for the implementation of extra security measures to guarantee that users do not eventually succumb to the complex phishing scams executed by modern crypto hackers.

Why You Need To Care

With phishing scams appearing to be an often strategy of crypto criminals this year, it is crucial for protocols, agencies, users, and security initiatives to conduct a thorough analysis of every case to develop perfect measures against them.

Tags: cryptocrypto hackerscryptocurrencycybercriminalhackersNomad Bridgephishing
Previous Post

MicroStrategy CEO Michael Saylor To Step Down As Firm Reports $1B Loss

Next Post

Gucci Now Accepts BAYC Token, ApeCoin

Related Posts

Ethereum ICO Whale Address Moves 145K ETH After 3 Years Of Silence
Economics

Ethereum ICO Whale Address Moves 145K ETH After 3 Years Of Silence

by John Wanguba
August 15, 2022
Australian Court Instructs Google To Pay $43M For Misinforming Users
Econ Intersect News

Australian Court Instructs Google To Pay $43M For Misinforming Users

by John Wanguba
August 15, 2022
Dollar Fell Marginally Last Week As Inflation Seems To Peak
Economics

Dollar Fell Marginally Last Week As Inflation Seems To Peak

by John Wanguba
August 15, 2022
Germany Economy Lose $265B In Added Value  Due To Rising Energy Prices And War
Economics

Germany Economy Lose $265B In Added Value  Due To Rising Energy Prices And War

by John Wanguba
August 13, 2022
Iran Makes $10M Import Using Crypto, Plans ‘Massive’ Use By End Of September
Business

Iran Makes $10M Import Using Crypto, Plans ‘Massive’ Use By End Of September

by John Wanguba
August 12, 2022
Next Post
Gucci Now Accepts BAYC Token, ApeCoin

Gucci Now Accepts BAYC Token, ApeCoin

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins banking banks Binance Bitcoin Bitcoin adoption Bitcoin market Bitcoin mining blockchain BTC business China Coinbase crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum finance funding inflation investment market analysis markets Metaverse mining NFT NFTs nonfungible tokens nonfungible tokens (NFTs) price analysis regulation Russia social media technology Tesla the US Twitter

Archives

  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • August 2010
  • August 2009

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized
Global Economic Intersection

After nearly 11 years of 24/7/365 operation, Global Economic Intersection co-founders Steven Hansen and John Lounsbury are retiring. The new owner, a global media company in London, is in the process of completing the set-up of Global Economic Intersection files in their system and publishing platform. The official website ownership transfer took place on 24 August.

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Recent Posts

  • Ethereum ICO Whale Address Moves 145K ETH After 3 Years Of Silence
  • Australian Court Instructs Google To Pay $43M For Misinforming Users
  • Dollar Fell Marginally Last Week As Inflation Seems To Peak

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

No Result
View All Result
  • Home
  • Contact Us
  • Bitcoin Robot
    • Bitcoin Profit
    • Bitcoin Code
    • Quantum AI
    • eKrona Cryptocurrency
    • Bitcoin Up
    • Bitcoin Prime
    • Yuan Pay Group
    • Immediate Profit
    • BitIQ
    • Bitcoin Loophole
    • Crypto Boom
    • Bitcoin Era
    • Bitcoin Treasure
    • Bitcoin Lucro
    • Bitcoin System
    • Oil Profit
    • The News Spy
    • British Bitcoin Profit
    • Bitcoin Trader
  • Bitcoin Reddit

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

en English
ar Arabicbg Bulgarianda Danishnl Dutchen Englishfi Finnishfr Frenchde Germanel Greekit Italianja Japaneselv Latvianno Norwegianpl Polishpt Portuguesero Romanianes Spanishsv Swedish