Cryptocurrency project developers found guilty of hacking and stealing all funds

The development team of the Nomad Bridge cryptocurrency project has been found guilty of a hacker attack and the theft of almost all of the bridge’s token funds.

As it became known, the Nomad Bridge developers knew about the vulnerability of the smart contract back in early June, as the information was covered in a report by security experts Quantstamp. However, the Nomad team did not respond to the problem seriously and did not solve it. This negligence of the developers cost the Nomad Bridge token $ 190,000,000 (almost all of the project’s liquidity).

According to Nomad Bridge representatives, the attack allowed hackers to steal various assets, such as wrapped BTC and ETH, USDC and Dai stablecoins, and tokens from Frax, GeroWallet, and Card Starter projects. Nomad Bridge provides transactions between Ethereum, Avalanche, Moonbeam, Evmos, and Milkomeda blockchains. It was due to the cyberattack that representatives of the Moonbeam blockchain informed users that the platform would temporarily be down. However, after a while, Moonbeam resumed working as usual.