Companies Affected By The Nomad Attack

The hottest news with the DeFi community is definitely the Nomad hack. Although many other bridges have also been visited by hackers, this time Nomad’s case is a bit different as it affects a few related names. Then let’s take a look at these names!

Nomad was attacked because of a vulnerability in Root Message authentication

This is not the first time that the argument errors in the contract of cross-chain bridges have been exploited, but this incident has a great impact, making me think of the Poly Network incident more than a year ago.

Most of the effects of cross-chain attacks are isolated within the scope of the project. However, since many partners use Nomad assets (on different chains), it is inevitable that many names will be affected after this incident.

Peckshield also posted a list of wallets involved in the attack, including white hat hacker wallets who actively hacked to get money back to Nomad users.

Moonbeam

Moonbeam’s Twitter homepage said that the attack on the Nomad bridge caused the amount of assets at the Ethereum bridge to be wiped out. The team also said that it is in the process of reviewing whether any vulnerabilities exist in the source code of Moonbeam.

Also this morning, Moonbeam had to “suspend” the blockchain for 4 hours to conduct the “Maintenance” process. During this period, users cannot make money transfers or interact with smart contracts. However, at the time of writing, the maintenance process has been completed and the Moonbeam team said that no vulnerabilities related to the above attack have been discovered.

Accordingly, Nomad is one of the main bridge platforms on Moonbeam’s ecosystem, and the theft of most of the security assets at the Ethereum bridgehead may affect the value of some assets at the bridgehead. Moonbeam.

Connext

Connext is a team that has a close relationship with Nomad. Many sources believe that Connext derives its liquidity from Nomad and may suffer great losses after this incident. However, Arjun (project representative) said that Connext only stores madUSDC assets (ie USDC certificates on the Nomad bridge).

Connext also said that the team has contacted the partner bridges to suspend the rotation of madAsset assets to avoid losses.

Evmos

Evmos is the most rare case, when the price of EVMOS coin skyrocketed after the Nomad attack.

The reason for this fluctuation is that madUSDC lost its price anchor at the Ethereum bridgehead, causing many people to seek to sell this asset to EVMOS to avoid loss of asset value. However, the lack of liquidity and a large number of users landed, causing the price of EVMOS to quickly build up a column.

The Evmos team said that this vulnerability is not related to the network and the Evmos chain is still working normally.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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