US crypto company Nomad was robbed of $190 million

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

Register now to get free unlimited access to Reuters.com

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.

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

Register now to get free unlimited access to Reuters.com

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

In a statement to crypto news outlet CoinDesk, the company said the company has notified law enforcement and is working with blockchain forensic firms to try to identify the accounts involved and recover the funds.

Nomad, which last week raised $22 million from investors including the US exchange Coinbase Global (COIN.O), is building software that connects various 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

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

Nomad has described itself as a “security first” company 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.

Register now to get free unlimited access to Reuters.com

(Elizabeth Howcroft reports). Editing by Tom Wilson and Christina Fincher

Our Standards: Thomson Reuters Trust Principles.

Leave a Reply

%d bloggers like this: