Billions of dollars of value have been wiped off the cryptocurrency market in recent months. Companies in the industry are feeling the pain. Lending and trading firms are facing a liquidity crisis and many firms have announced layoffs.
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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.
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