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Nomad Bridge Operator Reaches Settlement with FTC Over 2022 $186M Hack

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KuCoin security update: The U.S. FTC has settled with Illusory Systems Inc., operator of the Nomad bridge, over an $186M hack in 2022. The settlement bans false security claims, mandates a formal security plan with biennial reviews, and requires stolen funds to be returned. The breach stemmed from a flawed code update and poor testing. KuCoin security remains a top priority for users and regulators.
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