Solana and the Nomad Bridge fall victim to exploits losing millions

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Welcome to Finance Redefined, our weekly installment of decentralized finance (DeFi) insights — a newsletter created to bring you important 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, the Nomad cross token platform fell victim to what many considered a decentralized heist, 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. In addition to a series of exploits, Nansen admitted his negligence towards the DeFi market during the NFT boom.

The top 100 DeFi tokens saw mixed prices last week, with many seeing a bearish trend after some bullish action last week.

Nomad token bridge drained $190 million in security funds

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.

Almost all of the $190.7 million in crypto has been removed from the bridge, with only $651.54 remaining in the wallet, according to DeFi monitoring platform DefiLlama. However, Nomad later suggested to Cointelegraph that some of the funds were withdrawn by “white hat friends” who withdrew the money with the intention of safeguarding it.

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 Solana users.

Slope is a Web3 wallet provider for the Solana layer-1 blockchain. Via the Solana Status Twitter account on Wednesday, the Solana Foundation pointed the finger at Slope, stating that “it appears that the affected addresses were at some point created, imported, or used in Slope mobile wallet applications.”

Nansen admits he neglected DeFi plans during the NFT craze

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

Cointelegraph reached out to Nansen’s Andrew Thurman for more information on the company’s success. Thurman, a psychometric improvement technician at Simian, explained that after the non-fungible token (NFT) craze, they neglected their DeFi plans a bit.

The Uniswap institution’s proposal has mixed reactions above the $74 million price tag

The Uniswap Labs community has already begun considering a new proposal that would create a Uniswap foundation based in the United States, but first, it would cost $74 million.

The proposal has garnered mixed feedback from the community so far, with many praising the foundation’s plans to support and expand the Uniswap ecosystem, while others have balked at its hefty price tag.

DeFi Market Overview

Insights reveal that the total value of DeFi locked up has risen by nearly $9 billion since last week, hitting a value of $79.4 billion. Data from Cointelegraph Markets Pro and TradingView show that the top 100 DeFi tokens by market capitalization had a mixed week, with several tokens trading in the red, while a few others even recorded double-digit gains.

Yearn.finance (YFI) was the biggest gainer among the top 100, up 20% last week, followed by Lido DAO (LDO) up 16%. Fantom (FTM) rose 10% in price and PancakeSwap (CAKE) rose 8% on the weekly chart.

Thanks for reading our roundup of this week’s most impressive developments in DeFi. Join us next Friday for more stories, insights and education in this dynamically evolving space.