Home » Founder of Nexus Mutual gets hacked

Founder of Nexus Mutual gets hacked

by Hans Lipper
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Incidents of Hacks and cyber-attacks on digital networks are not surprising at all. The cryptocurrency industry is also highly susceptible to such attacks.

Nexus Mutual protocol founder is hacked for a whopping $8 Million, losing 6% of his tokens in the latest case.

Nexus Founder Loses $8 Million In Hack.

Hugh Karp, the CEO of Nexus Mutual DeFi coverage platform, lost a massive amount after an unknown hacker attacked his personal wallet. The Firm released a statement stating that a large number of funds were stolen from the personal wallet. Hacker conspired the entire hack by installing a fake version of MetaMask on the device, and Karp signed a transaction that diverted his tokens to an address that the attacker owned.

Karp’s hardware wallet was attacked in which the hacker tricked the protection by swapping legitimate traction. As per the reports, the attacker has not been identified yet, and the team is still looking into the matter. The attacker is, however, a verified member of the Nexus Mutual to avail the tokens. The community manager at Nexus Mutual community said that the team is “working on the assumption that [the hacker] could have committed identity fraud.”

The Nexus Mutual CEO said that the attacker had done a tremendously good job stating, ‘very nice trick.’ he even offered a bounty of a whopping $300000 to the attacker if he returns the stolen token and to relinquish the attacker of all the charges. He further urged the hacker to return the money. Since the hacker would not convert the tokens, it is advisable that he returns the token.

The attack has impacted the price of the NXM token by 17 percent. The team notified that Karp’s personal wallet had been attacked while the protocol is safe and not attacked. The 6% of the NXM tokens in circulation have been stolen, creating a debilitating effect on the token value.

The attack resulted in a loss of more than 370000 NXM tokens, which are worth $8.2 Million, while the hacker started to convert the NXM tokens to Ether and has already converted more than 354 Ethereum tokens worth $200000.


The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

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