Hack life: Unfortunately, hacks have become such a common occurrence that they are considered a part of everyday life. So much that we now compile monthly overviews of them.
According to one of the most recent reports by a data analysis platform Chainanalysis, vulnerabilities in cross-chain bridge protocols have posed the biggest security threat in the crypto industry; they now represent two-thirds of all hacks.
$263 million and counting
According to a blockchain security firm SlowMist Hacked, users lost around $263 million worth of cryptocurrency to hacks in August.
SlowMist Hacked stats show that the top 5 ways attacks were executed include contract vulnerabilities, rug pulls, Discord hack, frontend attack, and BGP hijacking.
This August kicked off with one of the most devastating attacks the industry has seen – the Nomad exploit.
Hack 1: Nomad
Assets stolen: $200 million
The Nomad bridge exploit is a devastating attack that led to $200 million worth of cryptocurrency being stolen from users’ accounts on Aug. 1. What drew even more attention to the hack is the number of attackers involved in the incident – 300 unique addresses. Some of the hackers even tried to impersonate Nomad’s employees to access more funds.
The exploit became possible due to a recent smart contract upgrade. “It turns out that during a routine upgrade, the Nomad team initialized the trusted root to be 0x00. Unfortunately, in this case, it had a tiny side effect of auto-proving every message,” one of the security analysts noted.
11/ This is why the hack was so chaotic – you didn't need to know about Solidity or Merkle Trees or anything like that. All you had to do was find a transaction that worked, find/replace the other person's address with yours, and then re-broadcast it
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