Robinhood Fined $30M, Nomad Bridge $190M Hack, Gucci Accepts ApeCoin

Written by Crypto University

August 3, 2022

Robinhood Fined $30M

Robinhood Crypto, a popular investment app, faces a $30 million fine from the New York State Department of Financial Services (NYDFS). The NYDFS alleges that the company violated anti-money laundering and cybersecurity regulations. According to an article in the Wall Street Journal, Robinhood failed to comply with anti-money laundry and cybersecurity prevention programs because it was understaffed. 

“We have made significant progress building industry-leading legal, compliance, and cybersecurity programs. And will continue to prioritize this work to best serve our customers,” said Cheryl Crumpton, Robinhood’s Associate General Counsel of Litigation and Regulatory Enforcement, in a statement.

In addition to paying the $30 million fine, Robinhood will have to hire an independent consultant to ensure that the company meets the NYDFS regulatory requirements. This is not the first time the investing app is facing a fine. Last year, the company was fined $70 million by the Financial Industry Regulatory Authority (FINRA) for misleading customers.  

Nomad Bridge $100M Hack

Nomad, a multi-chain cryptocurrency bridging protocol, suffered a $190 million hack earlier this week. A bug in an upgrade to the protocol caused the exploit. The bug resulted in a free for all frenzy. Anyone who knew how to freely transfer funds from the Nomad Bridge by pasting their wallet addresses. 

“We are working around the clock to address the situation and have notified law enforcement and retained leading firms for blockchain intelligence and forensics. Our goal is to identify the accounts involved and to trace and recover the funds,” said Nomad on Twitter

Although the entire protocol was emptied, some of the people draining the protocol were Whitehat hackers. “I’m returning this money. FBI please calm down. No, I didn’t plan to steal it, and yes, I know this address is doxed,” wrote @SpaceWigger on Twitter. 

ApeCoin Accepted By Gucci

Gucci, a famous luxury brand, will now start accepting ApeCoin as payment via Bitpay. The offering is only available in select stores in the United States. The company sees this move as furthering its exploration of Web3 technology.

“Now accepting @ApeCoin payments via @BitPay, select Gucci boutiques in the USA expand the range of cryptocurrencies available for in-store purchases, yet another step in the House’s exploration of Web3,” announced Gucci on Twitter. 

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