August 16, 2022

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US crypto company Nomad was robbed of $190 million

US crypto company Nomad was robbed of $190 million

Cryptocurrency representations were captured in this illustration, January 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

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LONDON (Reuters) – US crypto firm Nomad has been theft of $190 million, Blockchain researchers said on Tuesday, the latest theft to hit the digital asset sector this year.

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

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

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In a statement on Wednesday, the company said that San Francisco-based Nomad is working with law enforcement and blockchain analysis firm TRM Labs “to track stolen funds, identify recipients’ wallets, and coordinate refunds.” She did not specify which law enforcement agencies she was working with.

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

The theft targeted the Nomad “bridge” – a tool that allows users to move tokens between blockchains.

Blockchain bridges are becoming a growing target for theft, which has long plagued the crypto sector. More than $1 billion has been stolen from bridges so far in 2022, according to the London-based blockchain analytics firm Elliptic. Read more

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In June, US crypto firm Harmony said thieves stole $100 million worth of tokens from its Horizon Bridge product. Read more

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

Al-Badawi described himself as “Safety First” That will keep users’ money safe.

PeckShield said that a small percentage of the coins were moved to a so-called “mixer,” which hides the trail of crypto transactions, while about $95 million is held in three other wallets.

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(Elizabeth Hawcroft reports). Editing by Tom Wilson, Christina Fincher and Mike Harrison

Our criteria: Thomson Reuters Trust Principles.