A security vulnerability in Nomic's IBC bridge allowed double-minting of nBTC tokens, resulting in 40.65 nBTC being created and subsequently drained across multiple blockchain networks. The attacker exploited a code flaw that minted coins twice for single deposits, then converted the stolen assets to ETH and USDC through Osmosis, Axelar, and other cross-chain bridges, ultimately netting approximately 600+ ETH equivalent.