Illusory Systems Settles with FTC over 2022 Cryptocurrency Hack

Illusory Systems settles with FTC over 2022 cryptocurrency hack

The Federal Trade Commission is ordering a company that publicly touted its cybersecurity capabilities to return recovered funds to victims and implement security reforms, after a software flaw let hackers steal hundreds of millions of dollars in cryptocurrencies from users. The FTC announced it had reached a settlement with Illusory Systems, which also does business as Nomad, following an investigation into a 2022 incident where hackers exploit…

FTC moves to settle Nomad crypto hack case after $186M theft

The Federal Trade Commission (FTC) released a statement on Tuesday, December 16, indicating that it has proposed a settlement with Illusory Systems Inc., the operator of the Nomad cryptocurrency bridge. This deal is linked to a 2022 hack that resulted in significant losses after nearly all the funds on the platform were stolen. If, by any chance, the settlement proposal gets approved, Illusory will not be permitted to deceive anyone regarding it…

FTC Compels Nomad Operator to Repay Users After $186M Crypto Bridge Hack in 2022 – Decrypt

In brief The FTC said Illusory Systems’ Nomad crypto bridge lost $186 million after hackers exploited a poorly tested software update. Regulators alleged the company marketed itself as “security-first” while failing to follow basic coding and incident-response practices. A proposed settlement would require Illusory to return recovered funds, overhaul its security program, and undergo ongoing...

Illusory Systems Settles With FTC Over 2022 Cryptocurrency Hack - Cybernoz - Cybersecurity News

The Federal Trade Commission is ordering a company that publicly touted its cybersecurity capabilities to return recovered funds to victims and implement security reforms, after a software flaw let hackers steal hundreds of millions of dollars in cryptocurrencies from users. The FTC announced it had reached a settlement with Illusory Systems, which also does business as Nomad, following an investigation into a 2022 incident where hackers exploit…

FTC Compels Nomad Operator to Repay Users After $186M Crypto Bridge Hack in 2022

Regulators said Illusory Systems misled users about security and failed to prevent a 2022 exploit that drained the Nomad cross-chain bridge.