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Nexus Mutual (NXM) Hack Incident Drains $8M From CEO Funds

Nexus Mutual (NXM) Hack Incident Drains $8M From CEO Funds
  • Nexus Mutual (NXM) hack incident drains the network’s CEO Hugh Karp NXM tokens worth $8 million.
  • Nexus Mutual (NXM) token price declined to almost -14% in the past 24 hours.

The Nexus Mutual (NXM) network reported the latest NXM hack incident that wiped out most of the platform’s tokens. DeFi NXM CEO Hugh Karp stated that his hot wallet Metamask was compromised. As a result, the funds amounting to over $8 million in the form of NXM tokens were stolen. The suspect of the incident is also a member of the NXM network with complete KYC (know-your-customer) identification.

Despite being a member of the network, the hacker continued the attack. To steal the network’s token, the attacker switched addresses and cracked down the firewalls of Karp’s computer. This malicious procedure enables the hacker to gain access to the CEO’s computer and his NXM tokens.

NXM ALMA and MACD (Source: TradingView)
NXM ALMA and MACD (Source: TradingView)

Meanwhile, the recent hacking incident caused the NXM/USDT in the Huobi exchange to plummet its price. The crypto trades at a low price of $16.16, with a decline rate of almost -14% in the past 24 hours. Furthermore, the relative strength index (RSI) of the crypto is near the oversold stage. This means that traders must now consider buying the crypto for a possible upward move on the price.

Moreover, the NXN network continues the investigation on the whereabouts of the tokens and their attacker. It also ensures the safety of all users of NXM mutual funds despite the hacking incident. More so, the crypto hacking incident is not new in the crypto world. For safety purposes, choose the wallet that offers a high level of security to avoid unexpected cyber threats.

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.