Why education is key to stopping hacks like the $190 million Nomad exploit

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After losing nearly $200 million in security exploit in the Nomad crypto protocolsecurity experts insisted that in order to protect Web3 communities from hackers.

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“The crypto ecosystem is currently in its early adoption phase,” Nick Percoco, director of security at Kraken, told TechCrunch. “Despite the surge of interest in recent years, there is a gap in education that still needs to be bridged for cryptocurrency adoption to be truly successful.”

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Nomad, a crypto-bridge protocol that allows users to exchange tokens across multiple blockchains, lost about $190.7 million in crypto in Monday’s hack, leaving the protocol with a total value of about $15,000 locked up (TVL, or shared user funds in the DeFi protocol). ). ), according to data on the DefiLlama decentralized finance tracking platform.

Like other cross-chain bridges, Nomad allows its users to transfer assets from one blockchain to another using wrapped tokens, Victor Young, founder and chief architect of the Analog Interoperability Network, told TechCrunch.

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Percoco notes that the motivation of attackers in the cryptobridge space is substantial, as a minor vulnerability can net millions of dollars.


Credit: techcrunch.com /

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