Cybercriminals stole nearly $200 million worth of cryptocurrency on Monday after hacking into Nomad cross-chain token bridge.
Nomad enables users to transfer tokens between blockchains.
Monday’s attack was the most recent in a series of widely reported hacking attacks, raising concerns about the safety of cross-chain bridges.
We are aware of the incident involving the Nomad token bridge. We are currently investigating and will provide updates when we have them.
— Nomad (⤭⛓🏛) (@nomadxyz_) August 1, 2022
Bridges typically operate by encrypting coins in a smart contract on a chain and then reissuing them in a “wrapped” form on another chain.
If the smart contract where the tokens are initially deposited gets hacked, like in Nomad’s instance, the wrapped tokens lose their backing and become useless.
In other developments, US markets declined in the early trading session on Tuesday amid the growing strength of the US dollar against most fiat currencies, except the yen.
The S&P 500 futures trading slid 0.3 per cent, giving a lackluster start for Wall Street.
Tension over the increased military presence around Taiwan ahead of US House Speaker Nancy Pelosi’s visit to the island may have rattled the market.
“There will be serious consequences if she insists on making the visit,” Chinese foreign ministry spokesperson Zhao Lijian warned. “We are fully prepared for any eventuality. The People’s Liberation Army (PLA) will never sit by idly. China will take strong and resolute measures to safeguard its sovereignty and territorial integrity.”
Cryptocurrency Prices
The global crypto market capitalisation fell by 1.55 per cent to $1.06 trillion, as of 5 pm. The global crypto volume was up by 3.95 per cent to $75.91 billion, according to Coinmarketcap data.
Bitcoin, the world’s oldest cryptocurrency, was trading at $22,955.41, lower by 0.97 per cent in the last 24 hours. Ethereum (ETH) was down by 3.95 per cent to $1,594.25.
Among other significant coins, Cardano (ADA) was down by 2.42 per cent at $0.4986, Algorand (ALGO) was trading with a loss of 3.26 per cent at $0.327, Solana (SOL) was trading with a loss of 3.10 per cent at $40.68, Polkadot (DOT) fell 5.85 per cent at $7.94 and Binance Coin (BNB) was down by 1.49 per cent at $281.21.
Today’s top gainer was Chiliz (CHZ), which was up by 13.64 per cent at $0.1394. The top loser was Filecoin (FIL), which was down by 12.97 per cent at $8.22.
Meme Coin And DeFi Prices
Dogecoin (DOGE) was down by 2.24 per cent at $0.0676. Rival Shiba Inu (SHIB) fell 1.13 per cent at $0.00001182.
Dogelon Mars (ELON) was down by 2.74 per cent to trade at $0.0000003387, Floki Inu (FLOKI) rose 1.19 per cent at $0.00001558, and Samoyed Coin (SAMO) rose 3.34 per cent at $0.01263.
In the DeFi segment, YFI (yearn.finance) was down by 1.52 per cent at $11,035.71. Terra Classic (LUNC) was trading with a loss of 6.47 per cent at $0.00009927, Avalanche (AVAX) was down by 2.57 per cent at $22.79, Uniswap (UNI) was trading with a loss of 1.56 per cent at $8.09, and Aave (AAVE) fell by 4.27 per cent at $92.67.
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