Home Business US crypto company Nomad victim of $190 million theft

US crypto company Nomad victim of $190 million theft

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By Elizabeth Howcroft

LONDON (Reuters) – U.S. crypto firm Nomad has been the victim of a $190 million theft, blockchain researchers said on Tuesday, the latest such heist to hit the digital asset industry this year.

Nomad said in a tweet https://twitter.com/nomadxyz_/status/1554246853348036608 that he 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 user cryptocurrencies were stolen, including ether and stablecoin USDC. Other blockchain researchers have put the figure at over $150 million.

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 attempt to identify the accounts involved and recover the funds, it said in a statement to the CoinDesk crypto news outlet https:// /www.coindesk.com/tech/2022/ 08/02/nomad-bridge-vide-de-pres-200-millions-en-exploit.

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

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

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

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

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

Nomad described itself as “security first” https://www.businesswire.com/news/home/20220728005194/en/Nomad-Announces-Strategic-Investment-from-Coinbase-Ventures-OpenSea-Crypto.com -Capital-Polygon -as-Part-of-Seed-Funding business which 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.

(Reporting by Elizabeth Howcroft; editing by Tom Wilson and Christina Fincher)

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