Nomad: Hackers drain nearly $200 million from crypto startup in 'free-for-all' attack

Source: CNBC

Hackers drain nearly $200 million from crypto startup in ‘free-for-all’ attack

PUBLISHED TUE, AUG 2 2022 7:46 AM EDT
Ryan Browne
@RYAN_BROWNE_

• Hackers yanked almost $200 million in crypto from Nomad, a so-called blockchain bridge.
• Blockchain bridges allow users to transfer tokens from one network to another.
• They’ve become a prime target for hackers seeking to swindle investors out of millions.

Hackers drained almost $200 million in cryptocurrency from Nomad, a tool that lets users swap tokens from one blockchain to another, in yet another attack highlighting weaknesses in the decentralized finance space.

Nomad acknowledged the exploit in a tweet late Monday.

“We are aware of the incident involving the Nomad token bridge,” the startup said. “We are currently investigating and will provide updates when we have them.”

It’s not entirely clear how the attack was orchestrated, or if Nomad plans to reimburse users who lost tokens in the attack. The company, which markets itself as a “secure cross-chain messaging” service, wasn’t immediately available for comment when contacted by CNBC.

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Read more: https://www.cnbc.com/2022/08/02/hackers-drain-nearly-200-million-from-crypto-startup-nomad.html