US crypto firm Nomad hit by $190 million theft

US crypto firm Nomad hit by $190 million theft
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Representations of cryptocurrencies in this illustration taken January 24, 2022. REUTERS/Dado Ruvic/Illustration/

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

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

Crypto analytics firm PeckShield told Reuters that $190 million worth of cryptocurrencies have been stolen from users, including Ether and stablecoin USDC. Other blockchain researchers put the figure at over $150 million.

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San Francisco-based Nomad did not immediately respond to a request for comment.

The company has notified law enforcement and is working with blockchain forensics firms to try to identify the accounts involved and get the funds back, the in said a statement to crypto news outlet CoinDesk.

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

The heist targeted Nomad’s “bridge” — a tool that allows users to transfer tokens between blockchains.

Blockchain bridges have increasingly become the target of thefts that have long plagued the crypto sector. Over $1 billion has been stolen from bridges so far in 2022, according to London-based blockchain analytics firm Elliptic. Continue reading

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

In March, hackers stole around $615 million worth of cryptocurrencies from Ronin Bridge, which were used to transfer crypto in and out of the Axie Infinity game. The United States linked North Korean hackers to the theft. Continue reading

Nomad described himself as “Safety first” Business that would keep users funds safe.

PeckShield said a small portion of the coins was 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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Reporting by Elizabeth Howcroft; Adaptation by Tom Wilson and Christina Fincher

Our standards: The Thomson Reuters Trust Policy.

Elizabeth Howcroft

Thomson Reuters

Covering the intersection of finance and technology, including cryptocurrencies, NFTs, virtual worlds and the money-making Web3.

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