Nomad, a bridge protocol for transferring crypto tokens across different blockchains, lost close to $200 million in a security exploit on Monday, according to security firm PeckShield Inc.
The software system was drained of funds over hours and in small batches by various accounts, blockchain data shows.
“An investigation is ongoing and leading firms for blockchain intelligence and forensics have been retained,” the company said in a statement. “Nomad’s goal is to identify the accounts involved and to trace and recover the funds.”
The attack makes Nomad the latest bridge to suffer an exploit this year. Bridges are software that enable different types of blockchains and their respective tokens to interoperate, rather than work in silos.
They have become frequent victims of hacks in recent years, with more than $1 billion stolen from bridges in 2022, according to a June report by forensics firm Elliptic.
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