Over $190 million was drained from cross-chain cryptocurrency bridge Nomad on Monday in what is being described as one of the most perplexing hacks in DeFi history.
What Happened: On Aug. 1, market participants observed millions of dollars being drained from the Nomad contract address.
Developing countries lack sophisticated financial systems to manage their currencies and are turning to cryptocurrencies as a legal monetary tender. A leader in that movement is El Salvador, which this month passed a bill adopting Bitcoin (BTC) as the nation’s legal tender.