Blockchain Firm Agrees to Pay Victims of Hack in FTC Settlement

Blockchain infrastructure company Illusory Systems Inc. will return money to customers affected by a 2022 hack in which cyber criminals stole $186 million in a settlement with the Federal Trade Commission.

Illusory, which does business as Nomad, will also be required to implement an information security program to address alleged security failures. Illusory neither admitted to nor denied the allegations.

“The FTC Act requires companies to take reasonable security measures,” Christopher Mufarrige, director of the FTC’s Bureau of Consumer Protection, said in a press release. “It’s important that companies live up to their security promises to consumers.”

• The company, which ...