Fun

Defi Protocol Founder Tricked, Hacked for $8 Million in Personal Funds

News Feed - 2020-12-16 03:12:52

Defi Protocol Founder Tricked, Hacked for $8 Million in Personal Funds


Nexus Mutual founder and chief executive officer Hugh Karp’s personal wallet address has been hacked for more than $8 million.


The attacker, a member of the Nexus defi protocol, tricked Karp into signing a transaction that transferred funds to the hacker’s own address. The attacker gained remote access to Karp’s computer and modified his Metamask extension.


Some 370,000 Nexus Mutual (NXM) tokens, worth about $8.25 million on Monday, were stolen from Karp’s personal wallet address, as a result.


In a tweet, Nexus Mutual said the hack, which happened the morning of Dec. 14, was a “targeted personal attack on Hugh”. Karp described the attack as a “very nice trick,” and “definitely next level stuff.” He pleaded: You’ll have trouble cashing out that much NXM. If you return the NXM in full, we will drop all investigations and I will grant you a $300k bounty.


Nexus Mutual is unaffected by the hack nor are any members victims for this scam. The protocol said the hacker completed their know-your-customer (KYC) processes 11 days ago and then switched membership to a new address on December 3.


Nexus added that an investigation is ongoing to identify the attacker and how they operated. The team at Nexus said the stolen funds are being held at this address, and the attacker has already started exchanging some via 1Inch Exchange.


Meanwhile, the attacker reportedly cashed out up $2.7 million of his loot on Tuesday, according to blockchain analytics firm Scorechain. The hacker made several swaps of the stolen NXM on Uniswap via 1Inch Exchange, giving them roughly 137 BTC valued at $2.7 million at current market prices..


What do you think about Hugh Karp’s hack? Let us know in the comments section below. Ledger Wallet Customer Data Leak Invokes Threats, Phishing Scams, User Allegedly Loses Life Savings SECURITY | 3 days ago Popular Browsers Like Google Fail to Catch Copycat Crypto Sites, Scams Make the Top Results SECURITY | 3 days ago Tags in this story BTC, Decentralized finance (Defi), Hugh Karp, metamask, Nexus Mutual, NXM tokens hacked


Image Credits: Shutterstock, Pixabay, Wiki Commons Use Bitcoin and Bitcoin Cash to play online casino games here. Show comments

News Feed

Valour to launch digital asset ETPs in Kenya
Derek Andersen5 hours agoValour to launch digital asset ETPs in KenyaValour is moving out of Europe to the green pastures of Africa by way of passporting.1787 Total views2 Total sharesListen to article 0:00NewsOwn this p
Indian Authorities Raid Cryptocurrency Exchanges for Tax Evasion
Indian Authorities Raid Cryptocurrency Exchanges for Tax Evasion India’s Directorate General of GST Intelligence (DGGI) reportedly raided major cryptocurrency exchanges Satu
Ripple Expects SEC Lawsuit Over XRP to Conclude Next Year, CEO Says ‘We’re Seeing Pretty Good Progress’
Ripple Expects SEC Lawsuit Over XRP to Conclude Next Year, CEO Says "We"re Seeing Pretty Good Progress" Ripple CEO Brad Garlinghouse says that he expects the lawsuit over XRP by th
Digital Assets Under Management 5.25% Higher in February — Grayscale Still ‘Most Dominant Player’
Digital Assets Under Management 5.25% Higher in February — Grayscale Still "Most Dominant Player" The value of digital assets under management (AUM) for digital asset investment
Pundit Says Bitcoin Price Will Break Above $100,000 If This Happens
Este artículo también está disponible en español. Technical analysis of the Bitcoin price chart shows that the leading cryptocurrency is still on the way to breaking abov
Roaring Kitty fraud lawsuit over GameStop dropped after 3 days
Tom Mitchelhill7 hours agoRoaring Kitty fraud lawsuit over GameStop dropped after 3 daysA GameStop investor who accused Roaring Kitty of committing securities fraud has voluntarily dropped the complaint “without prejud
Binance to appeal $4.4M fine from Canadian regulator
Turner Wright2 hours agoBinance to appeal $4.4M fine from Canadian regulatorThe cryptocurrency exchange announced plans to exit the Canadian market in 2023 but may still face enforcement action from local regulators.385
‘Inflation in the News Driven by Rich People’ — Media Pundits Claim ‘Inflation Is Good’ as Americans Struggle With Less Purchasing Power
‘Inflation in the News Driven by Rich People’ — Media Pundits Claim "Inflation Is Good" as Americans Struggle With Less Purchasing Power Inflation in the U.S. has a large nu
Leading NFT Marketplace Opensea to Add Solana Support in April
Leading NFT Marketplace Opensea to Add Solana Support in April The largest non-fungible token (NFT) marketplace Opensea has plans to add Solana support in April. The news follows a
Ezra Reguerra12 minutes agoUK to expand crypto crime agency, hiring spree underwayThe job involves investigating crypto fraud, money laundering and other blockchain-based crime performed by organized groups.81 Total view
XRP Must Break Above $3 To Invalidate Bearish Pattern And Flip Bullish – Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ethereum Might Dethrone Bitcoin as Best Crypto Store of Value, Study Argues
Ethereum Might Dethrone Bitcoin as Best Crypto Store of Value, Study Argues A recent paper authored by members of several universities, including Sydney and Macquarie, argues that