US crypto firm Nomad latest victim of theft

US crypto firm Nomad has been hit by a multi-million dollar theft, the latest such heist to hit the sector this year.

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

However, estimates of the scale of the heist circulating in the media have ranged from $150 million- $190 million, though no official figure has been disclosed.

Nomad has notified law enforcement and is working with blockchain forensics firms to try to identify the accounts involved and get back the funds, it said in a statement.

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

The heist is understood to have targeted Nomad’s ‘bridge’ – a tool which allows users to transfer tokens between blockchains.

Blockchain bridges have increasingly become the target of thefts, which have long plagued the crypto sector. 

Indeed, 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 that thieves stole around $100 million worth of tokens from its Horizon bridge product.  

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

SHARE: