his week’s nearly $200 million exploit of Nomad, the cross-chain bridge, and the $6 million drained from Slope Financial wallets have something in common: Both projects are backed by Circle Internet Financial’s venture-capital division.

It’s an additional headache for Circle as it aims to go public later this year. The company, which got into VC investing in late 2021, is best known for issuing a stablecoin called USD Coin (USDC). The entire stablecoin space finds itself under greater regulatory scrutiny following this year’s collapse of Terra’s terraUSD (UST).

Circle, which invests in early-stage blockchain projects and companies, participated in the $8 million Series A for Slope Finance in February and the $22.4 million seed round for Nomad in April.

his week’s nearly $200 million exploit of Nomad, the cross-chain bridge, and the $6 million drained from Slope Financial wallets have something in common: Both projects are backed by Circle Internet Financial’s venture-capital division.

It’s an additional headache for Circle as it aims to go public later this year. The company, which got into VC investing in late 2021, is best known for issuing a stablecoin called USD Coin (USDC). The entire stablecoin space finds itself under greater regulatory scrutiny following this year’s collapse of Terra’s terraUSD (UST).

Circle, which invests in early-stage blockchain projects and companies, participated in the $8 million Series A for Slope Finance in February and the $22.4 million seed round for Nomad in April.