Friday, July 30, 2021
Home Crypto News Market Hacker Steals More Than 8 million USD in NXM 

Hacker Steals More Than 8 million USD in NXM 

- Advertisement -

A hacker stole more than USD 8 million worth of NXM tokens from the personal wallet of High Karp, the CEO of Defi insurance company Nexus Mutual. As a cost, the price of the token has fallen by 15-20%.

Nexus Mutual CEO falls victim to hackers.

According to a statement from Nexus Mutual, the funds were withdrawn by manipulating Karp’s computer.

The hacker managed to install a fake version of MetaMask on Karp’s computer. As a result, Karp was misled and signed a transaction with his private key that sent the NXM tokens directly to the hacker’s wallet.

The loot amounts to 370,000 NXM, which at the time of the hack was worth 8.2 million US dollars. The hacker has already begun converting the tokens into Ethereum (ETH), with a balance of 354 ETH already converted worth more than 200,000 US dollars.

Nearly half of all tokens are still in his possession. Etherscan has already identified the wallet as “Nexus Mutual Hacker.”

According to Nexus Mutual, Karp uses a hardware wallet. However, the attacker bypassed the protection by replacing the real transaction with his own.

Hardware wallets should shield against this type of attack by requiring confirmation on the device to protect against such manipulation.

The attacker probably went through a KYC on Nexus Mutual 11 days ago. However, the hacker could not be fully identified as the investigation is still ongoing.

Because the real NXM tokens can only be traded after a successful KYC, WNXM can be used instead. It is therefore assumed that the hacker must also have used a false identity at the KYC.

NXM price falls by up to 20%

Since the attack, the NXM price has fallen almost 20%, although the protocol itself was not affected. But NXM stolen in the hacked account is currently in circulation. So it’s no wonder the price has plummeted.

Karp praised the hacker on Twitter for the “very nice trick.” He offered a USD 300,000 bounty to anyone who will get all NXM tokens back.

However, you can see that the hacker has already managed to convert almost half of the WNXM into Ethereum.

- Advertisement -
Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Michael Saylor “Bitcoin Is Digital Real Estate And Is Now Held By More Than 114 Million People, Making It The Most Widely Held Financial...

Microstrategy CEO Michael Saylor always shows that he is a faithful supporter of Bitcoin. Microstrategy currently holds 105,085 BTC. Michael Saylor is among the...

Bitpay Adds Support For Litecoin And Newegg Becomes The First Merchant To Accept LTC Through Bitpay

BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced support for Litecoin in the BitPay Wallet app. Consumers can buy, store and...

Yoroi Wallet To Release Dapp Connector That Will Allow Interactions Between Users And Dapps On Cardano Blockchain

Cardano (ADA) smart contracts are coming soon and so is its infrastructure advancing. window.coinzilla_display = window.coinzilla_display ||...

Ethernity Chain to Drop NFT of NAS’s Performance in South Africa on the 20th Anniversary of the end of Apartheid

Johannesburg, South Africa, 29th July, 2021, Ethernity Chain is proud to announce another unique NFT collection is coming to its ecosystem. This aNFT (Authenticated...

Wall Street Bitcoin Adoption Continues As State Street The Second-Oldest Continually Operating United States Bank To Offer Crypto Services

State Street Corporation, an American financial services and bank holding company, headquartered in Boston with operations all over the globe to Offer Crypto Services...

57,000 Bitcoin Left Crypto Exchanges In 24 Hours Showing Bullish Sentiments Along With 465,000 Bitcoins Transferred Between Coinbase And Unknown Wallets

BTC saw the largest outflow of funds in one day from crypto exchanges. Nearly 57,000 bitcoins were left crypto exchanges.  ...

According To PayPal CEO, Paypal Crypto Super App Is Code Complete And Will Launch Soon

PayPal, World Top payment provider company, has stated that its users will not need to wait longer for great crypto functionalities app coming soon.

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

follow us in feedly