Circle downplays impact of Nomad and Slope incidents on the company

Circle Internet Financial, the company behind the USD Coin (USDC) stablecoin, was one of the investors in two projects hacked this week — Nomad and Slope.

In February 2022, Circle participated in a Series A financing round. At that time, the wallet provider Slope raised $8 million, according to CoinDesk.

In April, the venture arm of the issuer of USDC invested in the Nomad cross-chain bridge.

Circle stated that the incidents involving Nomad and Slope attacks did not cause financial damages to the company. Earlier, the stablecoin issuer stressed that problems with other industry players — Terra, Celsius or Three Arrows Capital — also did not affect the firm.

Earlier on August 2, the Nomad cross-chain protocol came under a hacker attack, losing millions of dollars.

Subsequently, there was a hack of around 8,000 Solana-based wallets, including Slope. The Solana team linked the attack specifically to this wallet provider.

It turned out that the Slope app sent users’ seed phrases to a centralized server, where they were stored unencrypted.

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