US-based crypto project Nomad hacked, funds worth almost $200 million stolen
India Today
US-based cross-chain communications platform Nomad is the latest victim of a hack where almost $200 million has been stolen by hackers.
US-based crypto project Nomad has been hit by a massive hack where almost $200 million dollars have been compromised on the platform. It is said that the hackers exploited a vulnerability in the transactional call data function of the platform and exploited multiple users.
Confirming the hack, the official Twitter handle of the company tweeted out relevant details about an investigation into the matter and that more updates were to be followed.
We are aware of the incident involving the Nomad token bridge. We are currently investigating and will provide updates when we have them.
Many experts believe this to be a very different and chaotic hack than some of the earlier ones in crypto.
Nomad is a US-based crypto project focused on interoperability between different networks, which is basically a way for two blockchains to be connected. The project basically uses programmable bridges to exchange different cryptos on various blockchains in a much cheaper and more secure manner.
The company recently announced a list of investors in its $22 million funding round where venture capital firms like Polychain Capital, Crypto.com, Coinbase and Ethereal Ventures were some of the big companies pooling in the cash.
The irony of the whole situation is that Nomad was betting big on its security and touting itself as being a security-first cross-chain messaging protocol. So much so, that in January, its CEO even went out saying that it’s “secure period”.
