The FTC has proposed an administrative settlement with Illusory Systems, the company that operates the Nomad cross-chain bridge, over a 2022 cryptocurrency hack. The proposal would require a security program, independent assessments every two years, truthful statements about security, and the return of recovered breach funds not already returned. The FTC case page still lists the matter as pending, so the proposal should not be described as a final order.
What happened in the 2022 Nomad hack?
Illusory Systems, Inc. does business as Nomad and operated a cross-chain bridge that let users transfer assets. In its administrative complaint, the FTC alleges that Nomad represented its service as secure but did not use reasonable software-development practices. The complaint says inadequately tested code introduced in June 2022 contained a significant vulnerability that hackers exploited just over a month later.
The FTC also alleges weaknesses in secure coding, the handling and response to vulnerability reports, incident response, and technologies that could have mitigated consumer losses. These are allegations in the complaint, not findings after a trial. The FTC’s complaint and December 2025 announcement describe the agency’s account of the incident.
How much was stolen, and how much did consumers lose?
The FTC reported that hackers stole $186 million. It also said some money was recovered and that consumers lost approximately $100 million. The figures measure different things: $186 million is the reported amount stolen, while approximately $100 million is the FTC’s estimate of consumer losses after recoveries.
#1 Best Overall
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Enjoy Bluetooth connectivity, iOS access, and hours of battery use with this mobile-first, secure backup signer. Freedom you can depend on.
- Genuine Check: confirm your signer is authentic during setup with the Ledger Wallet app.
- Protect your signer: keep it in mint condition at all times with a bespoke Pod or Case to avoid scratches and everyday wear and tear.
What would the proposed FTC order require?
Under the proposed consent order, Illusory Systems would be required to:
- Stop misrepresenting its security practices.
- Maintain a comprehensive information security program.
- Obtain independent third-party assessments of that program every two years.
- Return recovered money from the breach to consumers if it has not already been returned.
FTC Bureau of Consumer Protection Director Christopher Mufarrige said: “The FTC Act requires companies to take reasonable security measures.” The agency’s announcement and the Federal Register notice describe the proposal.
Rank #2
- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
Is the FTC settlement final?
Not according to the latest status in the official record cited here. On December 16, 2025, the FTC said it had accepted the proposed settlement for public comment and would review comments before deciding whether to make the order final. The FTC’s case page, last updated December 16, 2025, lists the matter as pending. The available official record does not establish a later final disposition.
Quick Recap
Best Value
- All your digital assets in one place. You can manage thousands of crypto including Bitcoin, Ethereum, Solana, Tether and more.
- Defend your identity against hackers: secure your online accounts with passwordless, hardware backed, 2FA logins for all your favorite apps and websites.
- Connectivity: USB-C cable connection only. No Bluetooth.Compatible with the Ledger Wallet crypto app, both desktop (Windows, macOS, Linux) and mobile (Android only). Not compatible with iOS.
- Protect your digital assets with the industry's best security: keep your private keys offline in your private signer, battle-tested by the Donjon's white hat hackers, CC EAL 6+ certified Secure Element, constantly updated Ledger OS.
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
Rank #4
- UNPARALLELED SECURITY: Protect your assets with Trezor Safe 5's NDA-free EAL 6+ Secure Element, offering robust defense and complete transparency.
- EFFORTLESS NAVIGATION: Experience seamless crypto management with the vibrant color touchscreen, designed for intuitive and user-friendly interactions.
- ENHANCED USER EXPERIENCE: Enjoy tactile confirmation with Trezor Touch Haptic Engine, making each interaction precise and engaging.
- SUPPORTS 1000s OF COINS & TOKENS: Securely handle thousands of assets, including Bitcoin, Ethereum, and more, all in one wallet.
- EASY ASSET MANAGEMENT: Monitor and transact seamlessly with Trezor Suite, our user-friendly desktop and mobile app
Rank #3
- Unparalleled Security: Protect your assets with EAL 6+ Secure Element, offering robust defense and complete transparency
- Simple & Secure Interface: Manage your digital assets easily with a clear OLED screen for secure on-device confirmations
- Supports 1000s of Coins & Tokens: Securely handle thousands of assets, including Bitcoin, Ethereum, and more, all in one wallet
- Effortless Asset Management: Monitor and transact seamlessly with Trezor Suite, our intuitive desktop and mobile app
- Enhanced Backup Solution: Multi-share Backup eliminates single points of failure for secure cold wallet recovery
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
Quick wins for a faster PC:
Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →
