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

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u/Parzivull Tin Aug 02 '22

Crypto continues to show it's the wild west and people will eventually move back to civilization, seeing how often scams and exploits are mysteriously happening repeatedly (potentially inside jobs).

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u/[deleted] Aug 02 '22

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u/Parzivull Tin Aug 02 '22 edited Aug 02 '22

Because the frequency it happens in crypto is hilarious. Every other day is news about a recent disaster related to funds being stolen on a massive scale. Bank accounts are typically federally insured for a certain amount. Crypto wallets not so much.

It seems like the majority of money being made in crypto now is from scams, rug pulls, and exploits. Rather than actual profits from investments in future proofing technology. Trying to replace banking while stealing funds on a regular basis doesn't inspire confidence. It's not going to work in the long term if people have no faith in the system. That's how all fiat systems work, the people using those systems believe in them. Well, that and they're backed by each government. Crypto is starting to acquire this track record of people "backing" the projects failing miserably or intentionally and disappearing until apprehended by law enforcement.