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Circle Internet Financial, the company behind the USD Coin (USDC) stablecoin, was one of the investors in two projects suffering from hacks this week – Nomad and Slope.
Circle Internet Financial, the company behind the USD Coin (USDC) stablecoin, was one of the investors in two projects suffering from hacks this week – Nomad and Slope.
Circle participated in a Series A funding round in February 2022, with wallet provider Slope raising $8 million at the time, CoinDesk reported.
In April, the venture arm of the USDC issuer, Nomad, invested in a cross-chain bridge.
Circle said the Nomad and Slope incidents did not cause material damage to the company. Previously, the stablecoin issuer emphasized that issues with other industry participants (Terra, Celsius or Three Arrows Capital) also did not affect the firm.
Recall that on August 2, the Nomad cross-chain protocol was hacked and lost millions of dollars.
Later, around 8,000 Solana-based wallets were known to have been hacked, including Slope. Later, the Solana team attributed the attack to this particular wallet provider.
It turns out that the Slope application sends user seed phrases to a central server where they are stored unencrypted.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
