Skip to content

Last Week [In] Crypto: Nomad Loses $200M in Daring Hack, CFTC Tipped to Be Crypto’s Chief Regulator

  • 2 min read
  • Latest

It’s been a pretty interesting week and Be[in]Crypto has curated the most important stories in the cryptoverse for your digest. The stories range from Nomad’s $200 million hack, WazirX investigation by Indian authorities, Michael Saylor stepping down as CEO, 140 billion worth of stablecoin to re-enter the markets, and the U.S. Senate’s proposal to make the CFTC crypto main watchdog. 

Don’t forget to subscribe to our newsletter and get the weekly roundups right in your inbox!

Battered crypto projects try to reach a compromise

Nomad, a crypto bridge, suffered a jarring exploit that led to the loss of nearly $200 million. The attack rocked the entire cryptoverse as the hackers went all the way to impersonate Nomad employees to steal even more funds.

Github, a developer platform, fell victim to malware that affected as many as 33,000 Github repositories. The move could have dire consequences for developers that clone open source codes as sensitive data like API keys, crypto keys, and Amazon AWS credentials will be within reach of the bad actors.

To control the incidents of exploits, projects have begun offering bad actors bounties to turn them into whitehat hackers. Slope, a Solana-based wallet provider that suffered a major security breach, has announced that hackers would get 10% of the stolen funds and will face no legal actions if they return the funds.

White hat hackers managed to recover $9 million out of the pilfered $200 million, with security firm PeckShield noting that efforts are in place to recover more funds. Nomad’s team asserts that they are collaborating with law enforcement agencies and top blockchain security companies.

Regulators upping the ante against digital assets

This week saw significant regulatory activity against operators in the cryptoverse. Robinhood was slammed with a $30 million fine by the New York State Department of Financial Services (DFS) for failing to
Read Full Article…