American crypto firm Nomad hit by $190 million theft

Cryptocurrencies are represented in this illustration, January 24, 2022. REUTERS/Dado Ruvic/Illustration/

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

Crypto analytics firm PeckShield told Reuters that $190 million worth of user cryptocurrencies were stolen, including ether and the stablecoin USDC. Other blockchain researchers have put the amount 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 try to track down the accounts involved and get the funds back, it said in a statement to crypto news outlet CoinDesk.

Nomad, which last week raised $22 million from investors including major U.S. exchange Coinbase Global ( COIN.O ), 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 theft, which has long plagued the cryptocurrency sector. Over $1 billion has been stolen from bridges so far in 2022, according to London-based blockchain analytics firm Elliptic. read more

In June, US crypto firm Harmony said thieves stole about $100 million worth of tokens from its Horizon bridge product. read more

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

Nomad described itself as “safety first” business that would keep users’ money safe.

PeckShield said a small percentage of the coins were moved to a so-called “mixer,” which covers the traces of crypto transactions, while about $95 million was held in three other wallets.

Report by Elizabeth Howcroft. edited by Tom Wilson and Christina Fincher

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