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<p>The post <a href="https://coinpedia.org/news/crypto-news-today-nomad-bridge-hack-leads-to-major-ethereum-price-crash/">Crypto News Today: Nomad Bridge Hack Leads to Major Ethereum Price Crash!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The (evil) masterminds are back. Hackers who attacked the Nomad Bridge found themselves in a winning position as they so answerably bought Ethereum (<a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noreferrer noopener">$ETH</a>) at the lowest price on the market. This large movement was seen as the exploiters invested 39. 75 million <a href="https://markets.coinpedia.org/multi-collateral-dai/" target="_blank" rel="noreferrer noopener">$DAI</a> to purchase 16,892 $ETH, which they further sent to Tornado Cash, a cryptocurrency mixer as <a href="https://x.com/lookonchain/status/1820332406911672320">reported</a> by lookonchain.</p> 
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   <p lang="en" dir="ltr">Hackers bought <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> at the bottom after the market dropped!<br><br>The <a href="https://twitter.com/hashtag/Nomad?src=hash&amp;ref_src=twsrc%5Etfw">#Nomad</a> Bridge Exploiter spent 39.75M <a href="https://twitter.com/search?q=%24DAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DAI</a> to buy 16,892 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> an hour ago and is depositing <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> to <a href="https://t.co/11PfRBP2j2">https://t.co/11PfRBP2j2</a>.<a href="https://t.co/8pwhTFSnLw">https://t.co/8pwhTFSnLw</a><br><br>Crypto bridge <a href="https://twitter.com/hashtag/Nomad?src=hash&amp;ref_src=twsrc%5Etfw">#Nomad</a> was exploited for ~$200M on Aug 2, 2022.… <a href="https://t.co/9id6bxBR14">pic.twitter.com/9id6bxBR14</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1820332406911672320?ref_src=twsrc%5Etfw">August 5, 2024</a>
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<p>But this is just the beginning of the story.</p> 
<h2 class="wp-block-heading" id="h-the-attack-on-nomad-bridge"><strong>The Attack on Nomad Bridge</strong></h2> 
<p>The Nomad Bridge, a digital asset bridge that enables cross-chain transactions, was attacked in August 2022, leading to losses of nearly $200 million. The exploit was due to a vulnerability in the bridge’s smart contract that allowed unauthorized fund withdrawals.</p> 
<p>This weakness enabled the hackers to bypass the necessary checks and authentication processes designed to prevent unauthorized access and withdrawals. By introducing transactions that would typically be blocked by the contract, the hackers managed to pass through the bridge undetected.</p> 
<h2 class="wp-block-heading" id="h-capitalizing-on-the-market-dip">Capitalizing on the Market Dip</h2> 
<p>Nearly two hours ago, the hackers capitalized on a significant market dip by investing 39.75 million $DAI to buy 16,892 $ETH at a lower price. They then used Tornado Cash services to mix the Ethereum, anonymizing the source and destination of the cryptocurrencies.</p> 
<p>The latest activity by the hackers has sparked varied responses from the crypto community. Some view it as a shrewd financial move, while others express concerns about the potential for further illicit activities. Tornado Cash’s involvement complicates tracing the final recipient of the funds, as it enhances transaction anonymity. Despite being sanctioned by the U.S., Tornado Cash remains a popular tool among bad actors for concealing their crypto trails.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/weekly-crypto-hack-report-from-convergence-finance-to-terras-5m-loss/" target="_blank" rel="noreferrer noopener">Weekly Crypto Hack Report: From Convergence Finance to Terra’s $5M Loss</a></p> 
<p><strong>This incident serves as a stark reminder of the high-stakes world of cryptocurrency, where fortunes can be made and lost in the blink of an eye.</strong></p>

Crypto News Today: Nomad Bridge Hack Leads to Major Ethereum Price Crash!

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