Cross-chain bridge Nomad was exploited for $190 million yesterday, with over 300 different addresses taking part in the attack. The primary hacker made away with around $95 million, followed by hundreds of copy-cat exploiters who drained the remaining funds.
The exploit arose from a smart contract update by Nomad developers, which unintentionally enabled anyone to withdraw funds from the bridge.
The bull case for Ether (ETH) has been further clouded, as the second-largest cryptocurrency fails to reclaim a position above the 100-day simple moving average.
Price bounced off the level last week, which was around $1,750, falling back to as low as $1,563 yesterday. Analysts say a breakdown of the short-term trendline would imply a move to around $1,356.
The supply of Tether USDT has started to increase after almost three months of decline, with a ~$500 million increase over the last few days. The USDT supply peaked at 83 billion in May, followed by many large-scale redemptions following the collapse of Terra and TerraUSD.
Tether remains the largest stablecoin on the market, with a current total of 66.3 billion USDT in circulation – or 43% of the total stablecoin market.
