Cryptocurrencies: Nomad loses $200 million after hack

The hackers transferred nearly $200 million worth of cryptocurrency tokens to Nomad, a so-called “bridge” protocol for transferring cryptocurrency tokens to other blockchains. This was stated by the blockchain security company PeckShield.

As the blockchain data shows, through various accounts, the hackers gradually ravaged the Nomad software system in small amounts. The operation lasted several hours.

“An investigation is currently underway involving leading blockchain companies,” Nomad said. “Nomad’s goal is to identify and trace the accounts involved and recover the funds.”

In recent years, bridge protocols have become a frequent target for hackers. In order to be able to offer their services, they must create large holdings of cryptocurrencies, which makes them attractive prey. The high complexity of their software can also lead to bugs, making them vulnerable to hacking.

According to a June study by blockchain analyst Elliptic, more than $1 billion has been stolen from bridge protocols this year alone.

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