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Crypto Moves – Bitcoin and Ethereum rise; US crypto firm Nomad stole $190 million; Potential Brazilian Crypto Law Approval

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Thursday, rising 1.07% to $23,092 as of 7:59 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,654, up 2.40%, according to data from Coindesk.

US crypto firm Nomad was robbed of $190 million

Researchers have revealed that US crypto firm Nomad was robbed of $190 million, the latest digital asset heist this year, Reuters reported.

In a tweet, Nomad said he was “aware of the incident” and was currently investigating, without providing further details.

Reuters reported that $190 million worth of Ether and USDC were stolen, according to crypto-analytics firm PeckShield. Over $150 million has been estimated by other blockchain researchers.

Nomad said Wednesday that it was working with law enforcement and blockchain analytics firm TRM Labs “to trace stolen funds, identify recipient wallets, and coordinate the return of funds.”

No specific law enforcement agency was mentioned.

Nomad, which raised $22 million last week from investors including Coinbase Global, makes software to connect blockchains.

In this case, the heist targeted Nomad’s “bridge,” a tool that allows users to transfer tokens between blockchains.

Brazil Could Approve Crypto Law This Week

The Brazilian government is moving closer to regulating cryptocurrency assets and virtual asset service providers, Bitcoin.com reported. The Cryptocurrency Bill 4.401/2021 will be discussed this week along with other urgent bills.

According to Ricardo Barros, the head of the federal government in the Deputy House of Congress, the bill can be voted on this week, Bitcoin.com reported.

Brazil is gearing up for its presidential election on October 2, which means the issue could be avoided by Congress to avoid swaying the electorate, Bitcoin.com added.

The cryptocurrency bill is expected to be handed over to President Bolsonaro for final approval if it is finally passed.

In addition to legalizing cryptocurrency mining, the draft establishes tax exemption rules for mining institutions that establish mining farms using 100% renewable energy, Bitcoin.com added.

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