The issue of theft of high-value cryptocurrencies ironically seems to be on the rise this year. Although the value of the digital currency is seen as volatile, it is still seen as valuable enough for hackers to attempt to steal it.
Recently, blockchain software developer Nomad has reportedly experienced a hacking issue where their customers' cryptocurrency worth around $190 million (~RM846 million) has been stolen from their blockchain bridge.
For a brief explanation, a blockchain bridge is a system that can be used to send cryptocurrency from one blockchain to another blockchain without having to sell the cryptocurrency. It is commonly used to make it easier for cryptocurrency investors to join different blockchains quickly and easily.
However, as stated in the previous paragraph, Nomad has confirmed that their cryptocurrency was stolen from their own blockchain bridge by hackers through a vulnerability found in the system through their smart contract system.
Nomad also confirmed that they have reported this matter to the authorities, and are working with a forensic company that has expertise in blockchain to study how this case happened.
This cryptocurrency theft case is one of the biggest cryptocurrency theft incidents of the year, and marks that around $1 billion of cryptocurrency has been stolen throughout 2022 through the same means, and has started to make people ask the same questions about the security of this blockchain bridge.