Nomad, a protocol allowing users to move digital assets between different blockchains, is being actively hacked on Monday evening.
The Nomad team is looking into the issue.
The Moonbeam network has been essentially paused while the team investigates.
The hack comes just days after Nomad unveiled the full list of investors who participated in its $22M seed round, with heavyweights Coinbase Ventures, Wintermute, 1kx and Polychain Capital.
Monday’s hack is the latest to target crypto’s “bridges,” which allow movement of cryptocurrencies and other digital assets across otherwise incompatible blockchains. Earlier this year, Axie Infinity’s Ronin Bridge lost more than $600M in a hack.
“At Nomad, our goal is to make it safer to communicate across blockchains,” Nomad said last week. “We believe that secure cross-chain messaging is the key to uniting DeFi ecosystems and unlocking the true power and potential of block space, wherever it may be.”
This is a developing story and will be updated.