Altcoins Affected By Nomad Hack Collapsed As Much As 94%
The most recent in a series of DeFi hacks happened less than 36 hours ago to the Nomad project. The ambitious dApp promised cross-chain interoperability with “increased safety“, giving developers the option to “securely build cross-chain applications (or xApps) and bridge assets between chains”. It was namely this feature that got exploited, letting hackers and allegedly random users on public Discord servers drain over $190 million worth of cryptocurrencies through the project’s bridging Smart Contract in what is dubbed as the “First Decentralized Robbery“. Q2 2022 hedge fund letters, confere...