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DeFi Protocol Nexus Mutual CEO Gets Hacked for $8M 

 

  • DeFi protocol Nexus Mutual Founder gets hacked for $8M. 
  • In addition, the hacker is also a member of Nexus Mutual.
  • Some of the stolen funds have been sent through 1inch.exchange. 

The CEO of decentralized finance (DeFi) insurer Nexus Mutual named Hugh Karp has lost more than $8 million worth of NXM in a targeted attack.

As per data from etherscan.io, a total of 370,000 of the project’s native NXM tokens were drained from Karp’s address to one owned by the attacker at 09:40 am UTC. Moreover, the transaction costs 0.00429472 ETH, or $2.49.

 

In addition, the hacker is also a member of Nexus Mutual. More so, the hacker has completed the Know-Your-Customer (KYC) 11 days ago. Also, he switched to a new address on December 3. Further, before getting remote access to Karp’s computer and modified MetaMask wallet extension.

Furthermore, this made him sign into a different transaction that transferred the assets from his hardware wallet to the hacker’s address. Added to this, it is found only the Karp’s address was compromised.

Nexus Mutual mentioned in a Tweet,

[blockquote footer=””]The mutual is not impacted; the pool of funds and all systems are safe. [/blockquote]

Some of the stolen funds have been sent through a decentralized exchange aggregator 1inch.exchange. Since news of the attack broke, the price of wrapped NXM tokens declined. 

According to CoinGecko, the NXM price is at $22.42 with a 24-hour trading volume of over $27,512, at the time of writing.

Moreover, Nexus Mutual is a community-owned insurance alternative, offering protection from different risks in the DeFi ecosystem. However, only the members can participate in the network, buy, and hold NXM tokens. 

 

The News Crypto Staff

The News Crypto is a group of crypto journalists writing about the latest happenings in the crypto and blockchain industry.

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