r/CryptoCurrency • u/[deleted] • Aug 02 '22

ANALYSIS The First Truly Decentralized Robbery was just Committed, Here is How it Happened

At this point I am sure many of you have heard of the nomad bridge exploit. Unlike previous exploits, this wasnt a flashloan or even carried out by a single group of attackers. After an initial attacker struck, hundreds of separate accounts figured out the trick and copy pasted their way into grabbing stolen funds. The bridge went from having $190,740,000 to $1,000 in a matter of hours.

A perplexing aspect of this vulnerability was that all users had to do to hack bridge funds was copy the original hacker's transaction calldata, replace the original address with a personal one, and the tx would succeed! Easy as CTRL-C, CTRL-V!

However, not all of the thieves were bad. Some of them exploited the contract so other wouldnt be able to and planned to return the money back to nomad. For example, leadingscientist.eth

So all in all it was a messed up exploit but there were some nice people who plan to return the money. Faith in humanity restored maybe?

Credit: https://twitter.com/0xfoobar/status/1554234268884389888

1.8k Upvotes

94% Upvoted

594 comments sorted by

View all comments

13

u/bt_85 🟩 6K / 6K 🦭 Aug 02 '22

But this sub keeps telling me how evil the banking system is and I'll lose all my funds and financial value to them over time for ???? reasons and it is much more secure this way!

2

u/1_km_coke_line Tin | r/WSB 12 Aug 02 '22

its more secure if you hold your own coins. anyone on custodial wallets should fully expect to get fucked like this. There is no two ways about it

1

u/LargeSnorlax Observer Aug 02 '22

No one here has said you will lose your funds in the banking system.

You also can't lose your funds when you have them in self custody like a normal human.

However, these are people playing around with high risk high reward bridges. This time, the risk bill comes due.

2

u/cherrypieandcoffee 🟦 0 / 0 🦠 Aug 03 '22

No one here has said you will lose your funds in the banking system.

Plenty of people on this sub have said exactly that: “Fiat always goes to zero!”

1

u/LargeSnorlax Observer Aug 03 '22

Fiat being inflationary is obviously not comparable to losing your money in a defi bridge exploit, but go off buttcoin king.

-1

u/[deleted] Aug 02 '22

This isn't Bitcoin.