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The personal address of Hugh Karp, founder of the Nexus Mutual protocol, has been hacked. More than $8 million worth of the NXM token has been stolen.

Nexus Mutual disclosed the hack to the public through their Twitter account, claiming that only Karp’s address was affected in the attack. Nexus Mutual further outlined that there is no subsequent risk to Nexus Mutual or any members. Nexus Mutual assured users’ that their funds are safe.


The hacker was a verified member of Nexus Mutual, having completed know-your-customer verification (KYC) 11 days prior to the hack. Nexus Mutual said:

“Hugh’s using a hardware wallet. The attacker gained remote access to his computer & modified the metamask extension, tricking him into signing a different transaction which transferred funds to the attacker’s own address.”

The transaction shows that the hacker successfully claimed 370,000 NXM tokens. This amounts to $8,280,600 at the current market price of $22,38 per token.

Karp took to Twitter to compliment the hacker, stating that they performed a “very nice trick”. Karp went on to offer a $300,000 bounty and promised to drop all charges, in exchange for returning the tokens. It is, however, unlikely that the hacker will give in to Karp’s request, as they have already started converting the stolen funds into ETH.


Feature image by Điện Tử Tiền from flickr

Andrew is a law student currently studying at UNISA, and Global Crypto's in-house reporter. Andrew discovered blockchain in his final year of school and since developed a keen interest in the subject. He appreciates a good cup of coffee. When he is not too busy with work or studies, he enjoys playing a good round of golf.