Cryptocurrency hacks are all too common, but they've rarely been quite so anarchic as the latest example. As The Verge notes, Nomad has confirmed that its cryptocurrency bridge (a service that lets you swap tokens between blockchains) was the victim of an August 1st "incident" where a slew of hackers stole nearly $200 million in funds. As Paradigm researcher Samczsun explained, the intruders took advantage of a misconfiguration that let any reasonably knowledgeable user authorize their own withdrawals. The result was a "chaotic" hack where people could swap their crypto address into a known-good transaction to steal digital money.
In an update, Nomad said it's "working around the clock" to resolve the problem with help from law enforcement and blockchain intelligence firms. It hopes to both pinpoint involved accounts and recover funds. A16z's security team suggested that well-intentioned white hat hackers would return crypto they took "preemptively," but there's no word on...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...