To quote multiple newsletters from @jimmysong:

"Another week, another crypto project has a vulnerability."

or

"Another week, another DeFi “hack”"

or

"Another week, another exploit on an altcoin platform."

I hope more shitcoiners get rekt tbh

Sloppy devs. Sloppy QA. Single point of failure.

Here's a CoinDesk article on this:

Bridge attacks have become more frequent in recent months as crypto-users have demonstrated an increased appetite for swapping assets between different blockchains.

While cross-chain bridges have made it possible for upstart blockchains to proliferate, bridge failures can be devastating for smaller chains that rely on them for a large amount of their total liquidity.

Evmos, one of the newer blockchains serviced by Nomad, tweeted that it would be “brainstorming community solutions” to the Nomad attack given that it “significantly impacts initial Evmos [total value locked].”

Just last week, [Nomad] revealed that crypto heavyweights Coinbase Ventures and OpenSea were among those who participated in an April seed round which valued the company at $225 million.

Nomad Bridge Drained of Nearly $200M in Exploit
https://www.coindesk.com/tech/2022/08/02/nomad-bridge-drained-of-nearly-200-million-in-exploit
https://archive.ph/XuMnI

Wow this is something to behold! The first decentralized robbery? lol

Nomad exploit onchain activity, visualized.

[Video]

https://twitter.com/HsakaTrades/status/1554254701994156033
https://nitter.it/HsakaTrades/status/1554254701994156033