Nomad, a Crypto Company Based in The United States, Has Been Robbed of $190 Million Worth of Cryptocurrency
On Aug 03, 2022
A U.S.-based cryptocurrency firm has been hit by theft of $190 million, according to reports. The incident, which is said to have taken place this week, affected the company’s storage wallet. This latest theft comes as the cryptocurrency industry continues to face growing concerns over security and fraud.
Nomad has not yet commented on the further details but said that they are aware of this incident and an investigation is in process. However, sources close to the company suggest that it may file for bankruptcy as a result of the theft. Cryptocurrencies have come under increasing scrutiny in recent months amid concerns that they are being used for criminal activities such as money laundering and drug trafficking.
Crypto crime has rocked the industry with $190 million worth of crypto robbery. This haul included ether and the stablecoin USDC, according to crypto analytics firm PeckShield. The firm said the theft occurred this week, and that Nomad had since ceased operations. It was devastated by the loss and was working with law enforcement to track down the thieves. The incident is a major blow to the crypto industry, which has been striving to legitimize itself in the eyes of mainstream investors. It also highlights the need for better security measures at crypto exchanges, which have often been targeted by hackers.
Nomad confirmed that it had been the victim of a theft totaling $190 million. The company says that it first became aware of the loss and immediately notified law enforcement. Nomad is currently working with blockchain forensics firms to try to identify the accounts involved and recover the stolen funds. This is the latest in a string of crypto crimes that have seen tens of billions of dollars worth of cryptocurrency stolen from exchanges and wallets over the past few years. Crypto crime is becoming an increasingly lucrative business for organized criminal gangs.
In this cryptocurrency heist, hackers targeted Nomad’s bridging tool which allows users to send and receive tokens between blockchains. The hackers gain access to Nomad’s servers and wallet, allowing them to siphon off the million in Ethereum-based tokens. As more and more people invest in digital currencies, it is essential that exchanges and wallets take steps to protect their users’ assets.
According to stats, over $1 billion worth of tokens were stolen from exchanges bridges. The majority of these crimes have been attributed to hacks, but there have also been a number of examples i.e. About half a year back, crypto firm Harmony announced that thieves had stolen around $100 million worth of tokens from its Horizon bridge product. The company is still working with law enforcement to investigate the theft and is unable to catch the criminals.
This would be one of the largest thefts in the history of cryptocurrencies. At present, it is unclear who was behind last week’s attack on Nomad and how they managed to gain access to its systems.