Unfortunately, we have another hack in the DeFi space, and this time it is with the Nomad Bridge. It is an essential part of the interoperable ecosystem allowing assets to move from chain to chain. Earlier this year, Nomad had raised $22.4M in seed funding to develop the bridge further.
Currently, at this point, Nomad has suspended transactions and movements of assets on their bridge.
Reports from multiple news outlets started appearing around 11:15 pm Tuesday, Coordinated Universal Time (UTC).
Twitter users broke down the entire hack and how the hackers exploited the vulnerability.
Effect to Cardano
Unfortunately, Wingriders, a decentralised exchange built on Cardano, has a lot of assets, such as madUSDT moving from Ethereum to Cardano via the Nomad bridge. As a result, it has affected the TVL on the DEX, dropping almost 70%.
If you’ve been affected by this hack, please talk and reach out to others or talk to a mental health support group such as Beyond Blue for professional support.
Other Affected Cardano Projects
Various Cardano-related projects used the Nomad bridge to move their Ethereum-based assets over to Cardano earlier this year.
This included GeroWallet, Iagon, and Charli3. Some assets from GeroWallet and Iagon were saved but unfortunately, not all were saved.
White hat hackers managed to save some assets where they could.