Hackers drained $200 million from crypto platform Nomad: Five points to note

Hackers have drained nearly $200 million in cryptocurrency from the blockchain platform Nomad. For context, Nomad is a cryptocurrency bridge that allows users to swap cryptos between two or more blockchains. This comes as further bad news for Decentralised Finance (DeFi) platforms which facilitate the borrowing and lending of crypto assets.

The hack has been acknowledged by the Nomad project’s official Twitter handle. The company confirmed the attack and said that the team was “working around the clock to address the situation” and had also notified law enforcement. Here, we explain how the hackers drained one of the biggest blockchain platforms Nomad.