hack Solana and Nomad bridge, millions are lost

hack Solana and Nomad bridge, millions are lost

Welcome to Finance Redefined, your weekly dose of Decentralized Finance (DeFi) essentials, a newsletter put together to bring you the biggest happenings of the past week.

Last week, the DeFi ecosystem witnessed two exploits, one after the other, resulting in the loss of millions of dollars. First of all, heCross-bridge token platform Nomad became the victim of what many considered a decentralized heist, which saw nearly $190 million drained from its wallets.

The Solana ecosystem became the victim of a widespread and unknown attack that saw funds drained from thousands of wallets. Aside from a series of exploits, Nansen admitted to his neglect of the DeFi market during the NFT boom.

The top 100 DeFi tokens saw mixed price action over the past week, with many seeing a decline after some bullish action last week.

Nomad Token Bridge Lost $190M in Funds Due to Security Breach

The Nomad token bridge appears to have suffered from a security flaw that has allowed hackers to systematically drain a significant portion of the bridge’s funds over a long series of transactions.

Nearly all of the $190.7 million in cryptocurrency has been withdrawn from the bridge, with only $651.54 left in the wallet, according to DeFi tracking platform DefiLlama. However, Nomad later suggested to Cointelegraph that some of the funds were withdrawn by “white hat friends” who took the funds out with the intention of safeguarding them.

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Slope Wallets Blamed for Solana-Based Wallet Attack

As the dust settles from yesterday’s Solana (SOL) ecosystem chaos, data is surfacing that wallet provider Slope is largely responsible for the security exploit that stole crypto from thousands of users. of Solana.

Slope is a Web3 wallet provider for the Solana Layer 1 blockchain. Via the Solana Status Twitter account on Wednesday, the Solana Foundation noted to Slope, stating that “it appears that the affected addresses were at some point created, imported, or used in Slope’s mobile wallet apps.”

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Nansen admits he neglected DeFi plans during the NFT craze

CEO and co-founder Alex Svanevik recently spoke about the growth of Nansen, noting that the company has registered over 130 million addresses and has grown 30% despite the cryptocurrency crash. Svanevik attributed much of his success to the value of blockchain platforms, especially those based on Ethereum.

Cointelegraph reached out to Nansen’s Andrew Thurman to learn more about the company’s success. Thurman, a psychometric enhancement technician at Simian, explained that after the non-fungible tokens (NFT) craze, they somewhat neglected their DeFi plans.

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Uniswap Foundation proposal receives mixed reactions for its $74 million price tag

The Uniswap Labs community has already started mulling over a new proposal that would form a US-based Uniswap Foundation, but it will cost $74 million first.

Until now, The proposal has drawn mixed reactions in the community, with many praising the foundation’s plans to support and expand the Uniswap ecosystem, while others objecting to its steep price tag.

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DeFi Market Overview

Analytical data reveals that DeFi total value locked saw an increase of nearly $9 billion from last week, posting a value of $79.4 billion. Data from Cointelegraph Markets Pro and TradingView shows that the top 100 DeFi tokens by market cap had a mixed week, with several tokens trading in the red while a few others posted even double-digit gains.

Yearn.finance (YFI) was the biggest gainer among the top 100, posting a 20% gain over the past week, followed by Lido DAO (LDO) with a 16% gain. Fantom (FTM) saw a 10% price increase and PancakeSwap (CAKE) posted an 8% increase on the weekly chart.

Thanks for reading our roundup of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights, and education in this fast-paced space.

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