The theft of an estimated $190 million in cryptocurrency this week from a blockchain bridge, Nomad, is just the latest in a string of similar heists targeting the crypto sector. Crypto investors are encouraged to remain wary of this and similar threats to their crypto assets as they make investment decisions.
Increasingly, crypto thieves are setting their sights on blockchain “bridges,” which facilitate the transfer of cryptocurrencies between separate blockchains.  Once a blockchain bridge is breached, hackers and thieves have the ability to steal massive sums of crypto tokens from their rightful owners.
Blockchain bridges have been built to solve one of the crypto sector’s critical flaws – a lack of interoperability between different cryptocurrencies. Bridges allow crypto users to transfer their assets from one cryptocurrency to another without the need to engage in the transaction-heavy process of selling off their initial tokens to purchase new tokens of a different cryptocurrency.