US Crypto Firm Nomad Hit by $190M Heist

US Crypto Firm Nomad Hit by $190M Heist
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Representations of cryptocurrencies in this illustration taken on January 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

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LONDON, Aug 2 (Reuters) – U.S. crypto firm Nomad has been hit by a $190 million theft, blockchain researchers said on Tuesday, the latest such theft in the digital asset sector this year.

Nomad said in a tweet that it was “aware of the incident” and was currently investigating, without giving further details or the value of the theft.

Crypto analytics firm PeckShield told Reuters that $190 million worth of cryptocurrency was stolen from users, including ether and stablecoin USDC. Other blockchain researchers put the figure at more than $150 million.

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San Francisco-based Nomad is working with law enforcement and blockchain analytics firm TRM Labs “to track stolen funds, identify recipient wallets, and coordinate the return of funds,” the report said. company in a statement on Wednesday. He did not specify which law enforcement agencies he was working with.

Nomad, which last week raised $22 million from investors, including major US exchange Coinbase Global (CURRENCY.O)creates software that connects different blockchains – the digital ledgers that underpin most cryptocurrencies.

The heist targeted the Nomad “bridge”, a tool that allows users to transfer tokens between blockchains.

Blockchain bridges have increasingly become the target of thefts, which have long plagued the cryptocurrency sector. More than $1 billion has been stolen from bridges so far in 2022, according to London-based blockchain analytics firm Elliptic. read more

In June, US crypto firm Harmony said that thieves stole around $100 million worth of tokens from its Horizon bridge product. read more

In March, hackers stole around $615 million worth of cryptocurrency from Ronin Bridge, which was used to transfer cryptocurrency in and out of the Axie Infinity game. The United States linked North Korean hackers to the theft. read more

Nomad described himself as “security First” business that would keep user funds safe.

PeckShield said a small proportion of the coins were moved to a so-called “mixer,” which masks the trail of crypto transactions, while around $95 million was held in three other wallets.

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Information from Elizabeth Howcroft; Edited by Tom Wilson, Christina Fincher and Mike Harrison

Our standards: The Thomson Reuters Trust Principles.

Elizabeth Howcroft

Thomson Reuters

Reports on the intersection of finance and technology, including cryptocurrencies, NFTs, virtual worlds, and the “Web3” that powers money.

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