Crypto advocacy groups slam FTC ‘kill switch’ proposal – DL News
- The $200 million Nomad hacks is causing shockwaves.
- An FTC complaint says Illusory Systems should’ve had a kill switch.
- Crypto lobby groups have lashed back against the complaint.
Crypto trade associations in the US have slammed a complaint filed by the Federal Trade Commission that suggested a Utah-based company broke the law when it built software without a so-called kill switch.
That software, a crypto bridge called Nomad, was hacked for nearly $200 million in 2022. While its developers were able to recover millions in stolen crypto, Nomad has failed to gain any traction since it was relaunched in December that year.
Though the project is seemingly defunct, parent company Illusory Systems agreed last year to settle a complaint filed by…
