Hackers abuse ‘chaotic’ Nomad exploit to drain almost $200M in crypto

Obviously a lot of these assets are going to tank in value over the coming months; but has anyone considered just how much funding is going to Red Teams with these hacks? It's not like these are non-trivial attacks, either; we've seen dozens of these kinds of hacks over the past year, from a variety of different culprits. It certainly doesn't bode well for the stability of cryptocurrency, but it also makes me wonder what these black-hatters intend to spend it on. Hopefully they're the benevolent type who just gets a rush out of kicking crypto holders in the teeth, but we also can't rule out state-sponsored attacks or the possibility of an organized crypto crime syndicate.

Whole thing is a mess, really. Our domestic investments have been cleanly laundered by a domestic company, and "stolen" by someone who now has $200 million in VC meal tickets. All we can do now is look between our shoes and hope we didn't accidentally fund North Korea or an esoteric terrorist cell.

Previous discussion about this yesterday here: https://news.ycombinator.com/item?id=32318873

I just linked the founder of Zellic[0] to this HN thread if anybody has an specific questions about web3 security for him. (they're the web3 security company quoted[1] in OP's TechCrunch article)

0: https://twitter.com/gf_256

1: https://twitter.com/Zellic_io/status/1554296729050025984

"Smart" contracts so "smart" they are responsible for nearly every recent "hack."

"Code is law," they told us... and now they are discovering from first principles just how flawed both law and code are.