Exploits of Nomad and Slope Wallet led to millions of losses this week.
This episode is sponsored by Nexo.io, Chainalysis and FTX US.
One of the biggest challenges to the mainstreaming of crypto is the propensity for novel protocols to be exploited. This week, the Nomad bridge was drained of some $200 million while another vulnerability led to more than 10,000 wallets (largely but not exclusively holding Solana's SOL) being attacked. NLW looks at what happens and what the industry thinks the lessons are.
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Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Learn more at nexo.io.
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Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit: Boris Zhitkov/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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