“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.”
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.
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 /