Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.
This past week, the DeFi ecosystem saw two exploits, one after another, resulting in the loss of millions of dollars. First, cross-bridge token platform Nomad became a victim of what many deemed a decentralized robbery, which saw almost $190 million drained out of their wallets.
Solana ecosystem became the victim of a widespread unknown attack that saw thousands of wallets getting drained out of all the funds. Apart from a series of exploits, Nansen admitted their negligence toward the DeFi market during the NFT boom.
The top-100 DeFi tokens had a mixed price action over the past week, with many seeing a downturn after some bullish action last week.
Nomad token bridge drained of $190M in funds in security exploit
The Nomad token bridge appears to have experienced a security exploit that has allowed hackers to systematically drain a significant portion of the bridge’s funds over a long series of transactions.
Nearly the entire $190.7 million in crypto has been removed from the bridge, with only $651.54 left remaining in the wallet, according to the 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 However, Nomad later suggested to Cointelegraph that some of the funds were withdrawn by “white hat friends” who took the funds out with the intention of safeguarding them.
Slope wallets blamed for Solana-based wallet attack
As the dust settles from yesterday’s Solana (SOL) ecosystem mayhem, data is surfacing that wallet provider Slope is largely responsible for the security exploit that stole crypto from thousands of Solana users.
Slope is a Web3 wallet provider for the Solana layer-1 blockchain. Through the Solana Status Twitter account on Wednesday, the Solana Foundation pointed the finger at Slope, stating that “it appears affected addresses were at one point created, imported, or used in Slope mobile wallet applications.”