Over 300 Addresses Tied To $190M Nomad Bridge Exploit – August 2

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $23,218

Bitcoin price has found itself in the $23,000s for another consecutive day, as price continues to float above the $22,000 range.

Top-20 altcoins are trading relatively flat over the last 24 hours, as Ethereum falls less than 1%, BNB gains 1% and Ethereum Classic jumps 7%.

Top Stories for August 2, 2022 πŸ”₯

πŸ‘‰ Over 300 Addresses Tied To $190M Nomad Bridge Exploit

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.

πŸ‘‰ ETH Fails To Break Through 100-Day Price Average

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.

πŸ‘‰ Tether Supply Begins To Increase After Three Month Decline

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.