Blockchain company Nomad to repay users under FTC deal after $186M cyberattack

The FTC has proposed a settlement with Illusory Systems (Nomad) after a 2022 exploit of its crypto bridge led to $186M stolen and roughly $100M lost by users; the agreement would require Nomad to repay eligible users (~$37.5M), implement a comprehensive security program with oversight and third‑party assessments, and stop making misleading security claims. The FTC alleges the incident resulted from inadequately tested code, lack of secure coding and vulnerability management practices, and insufficient incident response capabilities.