Crypto service Nomad loses $200 million within hours in "frenzied free-for-all" hack

Cryptocurrency service Nomad suffered a "chaotic" attack on Monday and into Tuesday morning, with hackers draining almost $200 million in digital funds from the company within a few hours. 

In a tweet Tuesday morning, Nomad said it is "working around the clock to address the situation and have notified law enforcement and retained leading firms for blockchain intelligence and forensics." It added that its goal is to identify the accounts that siphoned cryptocurrencies from its service and recover the money. 

Nomad operates a so-called blockchain bridge, which allows people to move tokens from one blockchain to another, solving the challenge of interoperability between different types of cryptocurrencies. But these technologically complex services have been prone to attacks, with hackers exploiting security vulnerabilities to steal more than $1 billion in assets so far in 2022, according to forensics firm Elliptic.