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Nomad lost $190M in a decentralized robbery

Nomad
TL;DR Breakdown

• Connection protocol between Blockchains loses more than 100 BTC in crypto-theft
• Nomad advances investigations and promises to catch crypto thieves

Nomad was recently the victim of a crypto theft, where around $190M was stolen. In theory, this would correspond to a code error within the crypto platform that facilitated virtual thefts by copying a simple script.

The crypto trade maintains its bullish streak causing the transactions between tokens to increase their fluidity. Nomad, one of the most brilliant messaging protocols between Blockchains, would update its system to support these new operations with cryptos. But unfortunately, its new update contained an error that made it a victim of the latest crypto theft.

What is Nomad?

Nomad

Nomad is a crypto network that allows the connection between different Blockchains. It serves as a bridge to use Bitcoins in the Ether blockchain or vice versa. These web platforms are also known as cross-Blockchains and allow the transfer of tokens between Smart Contracts to blockchains.

Cross-networks offer various guarantees to users, promising that their funds will be protected in intelligent contracts for as long as they want. However, with Nomad’s latest update, this guarantee could not be fulfilled because around $190M has been lost in the last few hours. A few hours before starting on Monday, August 2, the connection protocol between Blockchains only has $9,000 in Smart contracts.

Investigations into crypto theft move forward

Nomad

After that large amount of money contained in smart contracts within Nomad was lost, the company’s management decided to investigate it. According to the investigations, the theft occurred en masse after several anonymous users stole around 100 BTC valued at $1.7 million. The only thing the cyber criminals did was copy a script within the smart contracts that served as a replacement for an empty contract.

The investigators point out that they will look at the responsible for this cybercrime. It was also found that several people mined USDC, a very popular stablecoin within the company, with a value of $202,440.

The company will discuss the progress of the investigation in the coming days. Meanwhile, the investigators indicate that this is a fool’s theft because everything leaves records, which has helped the case move forward quickly.

On the other hand, cryptocurrencies are recovering ground in what was seen as a relentless bearish streak. Bitcoin has risen its price to more than 8.50 percent in the last 7 days, while Ether has risen to 12.29 percent in value. Both tokens show that the bearish streak is about to end, bringing joy to the entire virtual market, and possibly new ATH registrations will be seen before 2022.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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