FTC proposes settlement with Nomad operator Illusory after $186M 2022 hack

On December 16, 2025, the FTC said it has proposed a settlement with Illusory Systems, operator of the Nomad bridge, following the August 1, 2022 exploit. The order would prohibit misleading security claims, mandate a formal program with biennial independent assessments, and require the return of recovered funds after about $186 million was stolen and client losses exceeded $100 million.