Nesa Token Plummets 40% After $55M Security Breach

The Nesa network was hit by a major security breach on Monday after attackers exploited a vulnerability in its Cosmos EVM layer-1 infrastructure.

A single wallet minted approximately $55 million worth of NES tokens and began offloading them on decentralized exchanges, causing the token's value to drop 40% within hours.

Prior to the exploit, around 62.9 million NES tokens valued at roughly $12.35 million were bridged to the Ethereum mainnet during morning hours Turkish time.

Nesa's development team confirmed the incident and acknowledged that malicious actors had exploited a vulnerability originating from the Cosmos EVM implementation on its layer-1 network.