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We woke up yesterday to the news of Nomad, a bridge on the Evmos network being exploited and funds above $100 Million Stolen. A large chunk of Evmos network users who have been using the bridge were forced to make harsh decisions of converting their bridged assets to the native network token, Evmos. This led to a spike in the price of Evmos in decentralized exchanges like Diffusion above $4, while other decentralized exchanges like Osmosis had the price of Evmos trading at $1.45 to $1.53.

Many degens used the price difference in Diffusion Dex to make some profits. Currently, Evmos is still trading high at Diffusion dex but there is no other way to benefit from it rather than with DIFF/EVMOS pair. Other asset pairs have no liquidity for one to leverage on.

What can we say about all these hacks?

The fact remains that while trying to solve an existing problem, a new problem is usually created. Decentralization tried solving the problem of a centralized financial system but ended up providing a haven for bad players. Bridges were created to solve the problem of asset loss when moving assets from one network to another but a vulnerability came with the innovation. This is why there have been a lot of bridge hacks recently.
Sometimes one may sense that developers are aiding these hackers but how can we prove that? The presence of Mixers has made it difficult for transactions to be tracked. So, a bridge hack can as well be a planned hack whereby a group of persons builds a bridge, runs the services for a while, and then drains the project through an outsider.

IBC transfers may not have experienced any hack so far, at least to the best of my knowledge but it doesn't deny the fact that there is still the possibility of a hack. Cryptocurrency is getting scarier due to higher volatility and increasing scams. Sadly, there are more black hat hackers than white ones. People prefer making money at the expense of others and this will end up destroying the blockchain.

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