Technology

Hackers drain nearly $200 million from crypto startup in ‘free-for-all’ attack

Hackers drained almost $200 million in cryptocurrency from Nomad, a tool that lets users swap tokens from one blockchain to another, in yet another attack highlighting weaknesses in the decentralized finance space. Nomad acknowledged the exploit in a tweet late Monday. “We are aware of the incident involving the Nomad token bridge,” the startup said. “We are currently investigating and will provide updates when we have them.” It’s not entirely clear how the attack was orchestrated, or if Nomad plans to reimburse users who lost tokens in the attack. The company, which markets itself as a “secure cross-chain messaging” service, wasn’t immediately available for comment when contacted by CNBC. Blockchain security experts described the exploit as a “free-for-all.” Anyone with knowledge of the exploit and how it worked could seize on the flaw and withdraw an amount of tokens from Nomad — sort of like a cash machine spewing out money at the tap of a button.

Full story : Hackers drain nearly $200 million from crypto startup in ‘free-for-all’ attack.

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