What is Evmos crypto and is it declining due to Nomad hacking incident?

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Highlights

  • Evmos brings Ethereum-based assets and apps to the coexisting networks of the Cosmos ecosystem.
  • Major crypto exchanges like Huobi Global and DigiFinex allow users to trade EVMOS crypto.
  • EVMOS is the native utility token of Evmos protocol.

The cryptocurrency market suffered a major setback after it was reported that a security flaw in the Nomad token bridge allowed hackers to siphon off the bridge's cash. The bridge's US$ 190.7 million in cryptocurrency has reportedly been withdrawn.             

Without providing any additional information or the amount of the theft, Nomad stated in a tweet that it was aware of the occurrence and was conducting an investigation.

Nomad is a cross-chain bridge, and it allows exchanges between Evmos, Avalanche, and Ethereum, among others. As a result, Evmos (EVMOS) experienced a sell-off on Tuesday morning, and its price declined by 2.3 per cent over the last 24 hours to US$ 1.48 at 5 AM EST. Kalkine Media recommends its users stay alert as the crypto market is extremely volatile, and due diligence is important.


 


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