Crypto firm that promised security loses $200 million in ‘frenzied free-for-all’ hack

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In what now looks like a weekly occasion, the most recent massive crypto hack has made off with practically $200 million in worth from Nomad, a so-called cross-chain token bridge. These bridges are designed to permit individuals to switch crypto tokens between totally different blockchains and, with out getting too far into the weeds, work by locking up tokens in a single chain and re-issuing them in a ‘wrapped’ type on one other: this course of is known as a wise contract.

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Clearly not too sensible, although, as Nomad has now acknowledged the hack and frenzied free-for-all. In a statement to Coindesk (opens in new tab) the corporate stated: “An investigation is ongoing and main companies for blockchain intelligence and forensics have been retained. We now have notified legislation enforcement and are working across the clock to deal with the state of affairs and supply well timed updates. Our objective is to determine the accounts concerned and to hint and get well the funds.”

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