THE DAILY ENCRYPT

September 30, 2022

San Fran Based Crypto Company Called Nomad Gets Hit by $190 Million Hack

Blockchain researchers have confirmed that a $190 million theft has occurred at U.S. crypto company Nomad. This is the latest such theft to hit the...
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Blockchain researchers have confirmed that a $190 million theft has occurred at U.S. crypto company Nomad. This is the latest such theft to hit the digital asset industry this year.

Nomad stated in a tweet that they were aware of the incident and were currently investigating the matter without providing further details or the amount of the theft.

PeckShield, a crypto analytics company, told Reuters that $190 million worth cryptocurrencies had been stolen by users. This included ether and the stablecoin USDC. Others have put the figure at more than $150 million.

Nomad, based in San Francisco, did not immediately respond when we asked for comment.

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It stated that the company had notified law enforcement and was working with blockchain forensics companies to try to identify the accounts and recover the funds.

Nomad raised $22 million last week from investors, including Coinbase Global (COIN.O), a major U.S. cryptocurrency exchange. Nomad makes software that connects different Blockchains, the digital ledgers that are underpinning most cryptocurrencies.

Nomad’s bridge was the target of the heist. This tool allows users to transfer tokens across blockchains.

Thefts against blockchain bridges are increasing, which has long been a problem in the crypto sector. According to Elliptic, a London-based blockchain analytics company, more than $1 billion has been taken from bridges in 2022.

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Harmony, a U.S. crypto company, stated that in June, thieves had stolen around $100 million worth tokens from its Horizon bridge software.

Hackers stole approximately $615 million of cryptocurrency from Ronin Bridge in March. This was used to transfer crypto into and out of Axie Infinity. North Korean hackers were linked to the theft by the United States.

Nomad claimed to be a security-first company that would protect users’ funds.

PeckShield stated that only a fraction of the coins were transferred to a “mixer,” which hides the trail of crypto transactions. However, around $95 million was kept in three other wallets.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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