US FTC orders Nomad operators to compensate users $186 million after 2022 crypto bridge hack

Jinse Finance reported that the U.S. Federal Trade Commission (FTC) stated on Tuesday that it has proposed a settlement to Nomad cryptocurrency bridge operator Illusory Systems Inc., related to the 2022 hacking incident that resulted in nearly all funds on the platform being stolen. According to the proposed settlement, Illusory will be prohibited from misrepresenting its security measures and will be required to implement a formal information security program, undergo independent security assessments every two years, and return any recovered funds not yet reimbursed to affected users. The agency stated that the breach resulted in the theft of approximately $186 million in digital assets, causing losses of over $100 million to consumers.