Hacker stole $ 8 million from Nexus Mutual founder


Founder of DeFi protocol Nexus Mutual gets hacked for $8M

Hacker stole $ 8 million from Nexus Mutual founder

Hacker stole $ 8 million from Nexus Mutual founder

  • Hacker stole $ 8 million worth of NXM tokens from Nexus Mutual founder

  • An attacker gained remote access to the victim’s computer

  • The project says Nexus Mutual’s asset pool is out of danger

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Hugh Karp, founder of the Nexus Mutual (NXM) project, was the victim of a hacker attack that lost more than $ 8 million.

Hacker stole $ 8 million from Nexus Mutual founder

In 2020, many DeFi platforms and crypto market participants fell victim to cybercriminals, eventually losing millions of dollars. Hugh Karp, the founder of the Nexus Mutual crypto service, specializing in the insurance of DeFi protocols, did not escape this fate..

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370,000 NXM tokens say goodbye to the wallet

Today, December 14, from a post on the official Nexus Mutual account on Twitter, it became known that Karp’s personal hardware cryptocurrency wallet was subjected to a hacker attack..

At 9:40 am this morning @ HughKarp’s personal address was attacked and drained by a member of the mutual. Only Hugh’s address was affected in this targeted attack and there is no subsequent risk to Nexus Mutual or any members.https: //t.co/72nrIDpKW6

– Nexus Mutual (@NexusMutual) December 14, 2020

Hacker stole $ 8 million from Nexus Mutual founder

According to the results of the preliminary investigation, the attacker is a certain user of the platform who was able to gain remote access to Karp’s computer. Then the hacker changed the MetaMask extension, as a result of which Karp, when transferring funds, signed a fake transaction offered to him, mistaking it for his.

As a result, 370,000 NXM tokens went to the scammer’s wallet. At the current exchange rate, this is about $ 8.2 million. According to the resource Etherscan, the hacker has already managed to exchange some of the stolen NXM for ETH through the 1inch service, which is an aggregator of decentralized exchanges.

Karp himself personally approached the cracker on Twitter, commenting:

“A very good trick, definitely on a new level. You will have trouble cashing out that much NXM. If you return all NXMs in full, we will discontinue the investigation and I will pay you a $ 300,000 reward. “

To the attacker. Very nice trick, definitely next level stuff.

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.

– Hugh Karp (@HughKarp) December 14, 2020

Nothing to worry about

The project team hastened to suppress all attempts to panic over the hacking, immediately explaining that it was purposeful – only Karp’s personal address was damaged..

“No subsequent risk to the funds of the project or other participants has been identified. The asset pool and all systems remain secure. The investigation continues, “- assured Nexus Mutual.

Hacker stole $ 8 million from Nexus Mutual founder

Ironically, in early December, the project introduced an insurance service designed to compensate for the losses of victims of hacker attacks. According to the analytical resource CipherTrace, recently the excitement around the decentralized finance segment has attracted not only new investors, but also many cybercriminals..


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