Cross-chain messaging protocol Nomad, which allows users to send and receive tokens between different blockchains, was drained of at least USD 150m after experiencing a security exploit that allowed bad actors to spoof messages.
The project had USD 190m in total value locked (TVL) just before the exploit began, according to DeFi tracking platform DeFi Llama. However, in a matter of hours, all the funds were drained. At the time of writing, the project currently has around USD 5,600 in TVL.
Blockchain security firm BlockSec estimated the loss to be around USD 150m. This could suggest that users themselves withdraw the remaining USD 40m from the bridge.
Etherescan transactions show that the first suspicious transaction might have occurred at 9:32 PM UTC on Monday, when a user managed to remove wrapped bitcoin (WBTC) 100 (worth around USD 2.3m) from the bridge by depositing WBTC 0.01 (around USD 230).
Subsequently, the Nomad team confirmed that it was aware of the "incident involving...
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