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In brief The FTC said Illusory Systems’ Nomad crypto bridge lost $186 million after hackers exploited a poorly tested software update. Regulators alleged the company marketed itself as “security-first” while failing to follow basic coding and incident-response practices. A proposed settlement would require Illusory to return recovered funds, overhaul its security program, and undergo ongoing audits. Decrypt’s Art, Fashion, and Entertainment Hub. Discover SCENE The Federal Trade Commission said Tuesday it had reached a proposed settlement with Illusory Systems Inc., the operator of the Nomad cryptocurrency bridge, related to the 2022 hack that drained nearly all of the platform’s funds. Under the proposed settlement, Illusory would be barred from misrepresenting its security practices and required to implement a formal information-security program, submit to independent biennial security assessments, and return any recovered funds not already repaid to affected users. The agency said the exploit resulted in the theft of about $186 million in digital assets, leaving consumers with losses exceeding $100 million. “Because Nomad failed to implement adequate incident response systems, Nomad did not have an effective way to stop the exploit,” the FTC said in an original complaint. “Nomad had to rely on an engineer, who was on a plane, to relay code snippets in a chat back and forth with the incident manager on duty. As a result, Nomad was unable to shut down the bridge until after it had been emptied of assets.” amp;lt;span data-mce-type="bookmark" style="width:0px;overflow:hidden;line-height:0" class="mce_SELRES_start"amp;gt;amp;lt;/spanamp;gt; “The Commission considered the matter and determined that it had reason to believe that Respondent has violated the Federal Trade Commission Act, and that a Complaint should issue stating its charges in that respect,” the FTC wrote in the proposed agreement. “The Commission accepted the executed Consent Agreement and placed it on the public record for a period of 30 days for the receipt and consideration of public comments.” Launched in 2021, Nomad was among a growing number of platforms that enabled users to transfer tokens across multiple blockchain networks, including Ethereum and Avalanche. The FTC said a June 2022 code update introduced a critical vulnerability into one of Nomad’s smart contracts, which hackers began exploiting on August 1, 2022, resulting in the loss of approximately $186 million in Ethereum, USDC, DAI, and WBTC. According to the agency’s complaint, Illusory Systems promoted Nomad as “security-first” while failing to adequately test code, maintain clear vulnerability-reporting and incident-response processes, or deploy basic safeguards that could have limited consumer losses and “failed to implement well-known secure coding practices, such as writing and conducting adequate unit tests prior to pushing code into production.” “While Nomad stressed the importance of thoroughly testing smart contracts in its marketing, in many instances, it did not adequately test smart contracts, as discussed by Nomad engineers before the exploit,” the FTC said. In the days following the hack, Nomad recovered $22 million of the $190 million stolen. Earlier this year, Israeli authorities arrested Alexander Gurevich, accusing him of initiating the Nomad bridge exploit. Police said he was detained at an Israeli airport while trying to flee to Moscow, days after legally changing his name to evade detection. Neither Illusory nor the FTC responded toDecrypt's requests for comment.

💡 What is a stablecoin? A stablecoin is a cryptocurrency made to avoid volatility. Traders use it for: Holding funds safely Trading pairs (BTC/USDT, ETH/USDC) Sending money with low volatility If you want, tell me: which stablecoin (USDT, USDC, DAI, etc.) which exchange (Binance, Bitget, OKX 📊 Stablecoin prices (today – typical) USDT (Tether): ~$1.00 USDC (USD Coin): ~$1.00 DAI: ~$1.00 BUSD (limited supply): ~$1.00 FDUSD: ~$1.00 Also around $1.01 USD — this is closer to a traditional stablecoin peg. Trading around $1.00 USD (near its peg). But it currently shows very low trading volume and market cap data may be minimal.

Sometimes the news is both exciting and raises eyebrows at the same time. This morning's announcement that a16z Crypto has purchased $15M worth of the MakerDAO's MKR token is a perfect example. The group calls it a strong endorsement for the MakerDAO's Dai stablecoin -- and it is -- but the complex nature of how this all works brought an immediate skeptical response. Let's break it down. What happened and why we care First, it's important to understand exactly what happened and who is behind it. The a16z Crypto fund is a creation of the Silicon Valley powerhouse venture-capital firm Andreessen Horowitz. But as today's announcement reminds folks, a16z Crypto isn't the venture firm itself. As they explain it: " Please note that the a16z crypto fund is a separate legal entity managed by CNK Capital Management ... a16z crypto is legally independent and operationally separate from the Andreessen Horowitz family of fund[s]." That said, it is a $300M fund. And it exists because the AH venture folk believe in blockchain and crypto (see here on Dfinityand back five years ago on Coinbase). Today's investment is just 5% of the capital at a16z Crypto but it backs an audacious project to create and foster a stablecoin, that is a cryptocurrency free of censorship features common to fiat currencies but with a consistent value like them. ( Our Block by Block primer on stablecoins ran last week if you wish to learn more.) The mechanism as to what the a16z fund did, however, is a little confusing at first. Although this investment is in support of the Dai stablecoin, it did not involve buying said coin, which trades in a rather boring pattern as it's supposed to. So what a16z Crypto did, instead was buy up 6% of the total supply of MKR coins, apparently at around a 25% discount to their underlying price per Meltem Demirors on Twitter. What Maker plans to do is outlined clearly: " As part of this partnership, MakerDAO will receive operating capital through the next growth stage, 3 years of support for the MakerDAO community, and most importantly, full operational support from the 80+ person Andreessen Horowitz a16z team. Specifically, Dai Stablecoin adoption and regulatory support are two of the first priorities." Two coins diverge in the woods So while Maker is promoting Dai, the stablecoin, it relies on MKR to make things go. And the complexity of MKR is a topic unto itself. As described back in 2015, MKR does three things (1) it's used for governance of the protocol (2) it's used to raise money in the even that the collateral backing Dai falls below an acceptable threshold to ensure stability and (3) it's used to pay fees on that collateral. (The longer explanation is hereand is worthy of a full read, but also beyond the scope of today's news.) What MKR is not, however, is an equity instrument in a traditional sense -- though it sure looks like one today. That, and more, is what caught Demirors attention in her tweetstorm. Aside from noting the discount to MKR's price, which isn't uncommon when buying a large piece of any entity, Demirors was concerned about what this signaled for Maker. "According to a blog post, the $15M will be used to fund the next 3 years of operating costs. i'm sure people think this is a great sign for the project - being able to recruit high quality capital. but, i think this is a massive failure in governance and project management," she wrote. "No vote was conducted on this matter, despite governance being a core tenant of the project." Perhaps even more troublesome is that the 6% stake now in the hands of a16z Crypto appears to have simply been created out of thin air. It is possible it came from the 39% held by the Dai foundation, which ostensibly existed to fund development efforts. But whether it represents new tokens or a shift in control / ownership it did occur at the behest of the few not the many. And while MKR is supposed to be created as needed for recapitalization under the aforementioned collateral shortfalls, it is not -- under its original conception -- meant to be created to raise funds for development. What should concern folks is that the promise here is of transparent governance but this looks anything but. And given that the Dai stablecoin relies on MKR for its very stability some skepticism is warranted. Interesting times Still, the endorsement from a16z Crypto is important. Read the blog postfrom the folks there and you will see it is not some random flyer on a project they are lukewarm about. The goal is the promotion of this particular stablecoin and an underlying belief in the necessity of such instruments. Back in December Preston Byrne posted his critique of the concept under " Stablecoins are doomed to fail" and by January he was taking a bit of a victory lap. We are eight months later and Dai has just received a major endorsement through today's buy in to MKR and Maker by extension. That folks tend to hold bitcoin rather than spend it has a lot to do with their belief the bitcoin will be worth more in the future. This has arguably slowed crypto's growth as a medium of exchange, which is where stablecoins might help push the ecosystem forward. Questions aside about exactly how this happened, it is a strong statement behind both the technology and the folks at Maker. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Stablecoins play a critical role in the cryptocurrency ecosystem. While most people focus on volatile assets like Bitcoin and altcoins, stablecoins quietly power almost every major activity in crypto. 🔹 Capital Protection Stablecoins allow traders and investors to step out of volatility without leaving the crypto ecosystem. Instead of converting to fiat, funds remain on-chain and ready for opportunity. 🔹 Liquidity & Trading Efficiency Pairs like BTC/USDT and ETH/USDC dominate exchange volume. Stablecoins provide deep liquidity, tighter spreads, and faster execution across spot and futures markets. 🔹 Digital Dollars for a Global Economy In regions facing currency instability or limited banking access, stablecoins function as borderless digital dollars, enabling savings, payments, and global transfers without intermediaries. 🔹 Foundation of DeFi Lending, borrowing, yield farming, and on-chain settlements rely heavily on stablecoins such as USDC and DAI. Without them, DeFi cannot function efficiently. 🔹 Risk Management Tool Professional traders use stablecoins to rebalance portfolios, lock in profits, manage drawdowns, and prepare for market re-entry. 📌 Key Stablecoins to Know USDT – Highest liquidity and trading volume USDC – Transparency and institutional trust DAI – Decentralized and crypto-backed 📝Final Thought Stablecoins are not just “parking assets.” They are infrastructure, liquidity engines, and financial access tools for millions worldwide. If you’re active in crypto, understanding stablecoins is not optional—it’s essential. #CryptoInsights #Stablecoins #USDT #USDC #DAI #CryptoEducation #DigitalDollars #BlockchainFinance #DeFi #CryptoTrading $STABLE