FTC Proposes Settlement with Nomad Bridge Hackers
Update: 2025-12-17
Description
FTC Proposes Settlement with Nomad Cryptocurrency Bridge Company: The Federal Trade Commission has proposed a settlement with Illusory Systems Incorporated, the company behind the Nomad cryptocurrency bridge, following a major hack in 2022 that drained nearly all of the platforms funds. The proposed agreement would ban Illusory from misrepresenting its security, require regular independent security checks, and mandate the return of recovered money to affected users. The FTC believes Illusory violated the Federal Trade Commission Act, and the proposed agreement is now open for public comment. This incident highlights the ongoing challenges in securing digital assets and the need for robust security measures in the crypto space.
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