Finance Redefined: Solana and the Nomad Bridge Fall Prey to Million-Losing Exploits

The top 100 DeFi tokens have seen mixed price action over the past week, with many seeing a downturn after bullish action the last week.

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news – a newsletter designed to bring you significant developments over the past week.

Last week, the DeFi ecosystem saw two exploits, one after the other, resulting in the loss of millions of dollars. First, cross-curricular token platform Nomad fell victim to what many considered a decentralized theft, which saw nearly $190 million drained from their wallets.

The Solana ecosystem fell victim to a widespread unknown attack that saw thousands of wallets drained of all funds. Besides a series of exploits, Nansen has admitted his negligence towards the DeFi market during the NFT boom.

The top 100 DeFi tokens have seen mixed price action over the past week, with many seeing a downturn after bullish action over the past week.

Nomad token bridge drained $190 million in security exploit

The Nomad token bridge appears to have experienced a security exploit that 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Nearly all of the $190.7 million worth of crypto has been withdrawn from the bridge, with only $651.54 remaining in the wallet, according to DeFi tracking platform DefiLlama. However, Nomad later suggested to Cointelegraph that some of the funds had been withdrawn by "white hat friends" who withdrew them in an attempt to protect them.

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Slope wallets blamed for Solana-based wallet attack

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