The world of crypto is changing fast, and sometimes when a heist happens, the best thing tech-savvy but ethically sound users can do is join in the looting. This is what happened this week when the Nomad token bridge started to collapse and white hat hackers tried to steal the cryptocurrency from the exchange as quickly as possible (to come back later).
hello and welcome back to Chain reaction a podcast where we unpack and explain the latest crypto news, drama and trends, breaking it down into blocks for the curious. This week we welcomed a new co-host (TC+ Senior Reporter Jackie Melinek) and we dived into the Robinhood layoffs, the Solana wallet hack drama and the epic Nomad bridge heist.
Ethical hackers are not often forced to make hasty decisions to steal millions of dollars from a crypto project, but in the web3 wild west, sometimes the best thing you can do when things go wrong is fill your bags. As viewers watched in horror as the $190 million Nomad token bridge collapsed, some rushed to the rescue and replicated the exploit used by black hat hackers to steal more funds from the project.
Many have chronicled their theft in real time on Twitter, promising money back to refund users’ funds. While this hack was quite disastrous for all parties involved, almost 10% of the total stolen funds were returned to the exchange, with one white hat hacker recovering as much as $4 million.
Along with the Nomad hack, we also took a pretty deep dive into the less costly but potentially more frightening Solana wallet infrastructure hack that resulted in thousands of users mysteriously losing their funds. We also talked about the recent troubles of Robinhood, which laid off almost a quarter of its employees this week.
For regular listeners, you will notice a big change this week. There is no interview! Going forward, we will be separating our news analysis and interview segments into different episodes so that every Tuesday you can hear us sit with a crypto expert, and every Thursday we will be releasing an episode discussing the latest crypto news. Tune in early next week for an interview with Uniswap’s MC Lader as we discuss the divergent worlds of centralized and decentralized finance in cryptocurrencies.
Credit: techcrunch.com /