CEO of Nexus Mutual hacked for $8 million
An initial investigation by the company has uncovered that the anonymous attacker gained remote access to Karp’s computer, manipulated the MetaMask web browser extension, so that upon sign-in, Karp unknowingly deposited his funds into the attacker’s private address.
Nexus Mutual CEO Hack
In a public announcement on Twitter this morning, De-Fi platform Nexus Mutual reported that their CEO, Hugh Karp has been the victim of a personal, targeted hack to the value of $8 million.Karp’s personal funds equate to 6% of the protocols supply (370,000 NXM), worth around $8.2 million.
At the time of press, the hacker has already converted tokens to a value of 774 ETH to the value of $447,000. Some of these funds have been exchanged using 1inchexchange.
Mutual Fund Safe
Nexus Mutual have assured its members and community that the protocol has not been comprised and that all investors funds are secure. NXM price plummeted 15% on the announcement which resulted in some investors raising concerns on the future price implications of the 6% supply hack.Alongside their announcement, Nexus Mutual have issued a public call for support to the cryptocurrency market, especially exchanges, to ensure that the hacker cannot ‘cash in’ the funds and transfer them out of sight.
CEO, Hugh Karp has responded to the personal attack by offering a 300K bounty for return of his tokens.
Funds Taken
NXM’s protocol requires KYC authorisation from each member before the privilege of ownership, which the hacker completed just 11 days prior, presumably with fraudulent documents. The entity then registered their membership with a new address on 3rd Dec.Once the funds were accessed, the hacker wrapped their new NXM into WNXM which doesn’t require the stringent KYC procedure and therefore can be transferred into ETH using any decentralised exchange.
These two factors will make it more difficult in the coming days and weeks for the company and its lawyers to identify the entity responsible for this hack.
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