Gold Financial News reports that the Federal Trade Commission (FTC) announced on Tuesday that it has proposed a settlement with Nomad cryptocurrency bridge operator Illusory Systems Inc. related to the 2022 hacking incident that resulted in nearly all funds on the platform being stolen.
Under the proposed settlement, Illusory will be prohibited from misrepresenting its security measures and required to implement a formal information security program, undergo independent security assessments every two years, and return any recovered funds that have not yet been reimbursed to affected users.
The agency stated that the breach resulted in approximately $186 million worth of digital assets being stolen, causing over $100 million in losses to consumers.
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