Topics
cryptocurrency | crytocurrencies | Blockchain
IANS | San Francisco Last Updated at August 3, 2022 18:55 IST
https://mybs.in/2axkYYQ
Cryptocurrency service Nomad has suffered a "chaotic" attack, with hackers draining almost $200 million in digital funds from the company within a few hours.
In a tweet, Nomad said it is "working around the clock to address the situation and have notified law enforcement and retained leading firms for blockchain intelligence and forensics".
According to CBSNews, the company added that its goal is to identify the accounts that siphoned cryptocurrencies from its service and recover the money.
Nomad operates a so-called blockchain bridge, which allows people to move tokens from one blockchain to another, solving the challenge of interoperability between different types of cryptocurrencies.
But these technologically complex services have been prone to attacks, with hackers exploiting security vulnerabilities to steal more than $1 billion in assets so far in 2022, according to forensics firm Elliptic.
One security researcher on Twitter described the Nomad attack as "chaotic" and a "free-for-all," with people swarming to drain the accounts after realising that a security flaw meant that if they could find a valid transaction request, they could replace the other person's address with their own and effectively redirect assets to their own accounts.
Nomad blamed "impersonators posing as Nomad and providing fraudulent addresses to collect funds."
The theft follows the hack of blockchain bridge Harmony in June, which lost about $100 million in the attack. These bridges are seen as especially vulnerable to hacks partly because of their relative newness and inevitable bugs and are therefore frequently targeted by cybercriminals.
Recent hacks include the $320 million wormhole hack in February and the more than $600 million Ronin Network hack in March.
–IANS
vc/shb/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
PREVIOUS STORY
NEXT STORY
Copyrights © 2022 Business Standard Private Ltd. All rights reserved.
Upgrade To Premium Services
Business Standard is happy to inform you of the launch of “Business Standard Premium Services”
As a premium subscriber you get an across device unfettered access to a range of services which include:
Premium Services
In Partnership with 
Dear Guest,
Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.
Enjoy Reading!
Team Business Standard
