After two consecutive weeks of growth, crypto markets cramped up a bit. Even as reports of liquidity troubles appear to have slowed, investors were cautious.
This week, Bitcoin-HODLing corporations Block Inc. and MicroStrategy both reported significant impairment charges on their holdings. Block is down $36 million, while MicroStrategy is down a staggering $917 million. There also were massive attacks on Solana and the token bridge project Nomad.
Reports of the Nomad exploit first appeared early Tuesday. A researcher at crypto/Web3 investment firm Paradigm called Sam Sun (Twitter handle @samczsun) inspected the situation and tweeted a lengthy play-by-play analysis of the smart contract configuration error that cost users $190 million.
1/ Nomad just got drained for over $150M in one of the most chaotic hacks that Web3 has ever seen. How exactly did this happen, and what was the root cause? Allow me to take you behind the scenes 👇 pic.twitter.com/Y7Q3fZ7ezm
The exploit ostensibly was easy to pull off for anyone with the know-how, resulting in a bit of a free-for-all as attackers piled in to loot the protocol. Nomad promptly offered a reward for anyone who returned the funds, and, as of Friday, had recovered $22 million.
Nomad Bridge Funds Recovery Process
Dear white hat hackers and ethical researcher friends who have been safeguarding ETH/ERC-20 tokens,
