Bitcoin Bridge Nomad offers a 10% bounty following a $190 million hack
According to a statement from Nomad, anyone returning at least 90% of stolen tokens will be regarded as a so-called "white-hat hacker" who prefers to draw attention to vulnerabilities over pursuing illicit gains. Effectively, the prize would be made up of the remaining 10%.
admin
A $190 million hack that once again exposed security flaws in the digital-token industry has cryptocurrency business Nomad offering a bounty to recover stolen assets.
According to a statement from Nomad, anyone returning at least 90% of stolen tokens will be regarded as a so-called "white-hat hacker" who prefers to draw attention to vulnerabilities over pursuing illicit gains. Effectively, the prize would be made up of the remaining 10%.
Pranay Mohan, the chief executive officer of Nomad, said in the statement, "We will not punish white hats." But we'll keep collaborating with our allies, intelligence agencies, and law enforcement to go after such criminals to the utmost extent allowed by the law.
Nomad is a bridge protocol, a device for transferring tokens between blockchains to enable communication between various networks. After multiple hacks, bridges have turned into one of the weak areas in the crypto industry; according to consultant Chainalysis, almost $2 billion worth of tokens had been stolen from them in 2022.
The eighth greatest cryptocurrency heist to date is the Nomad cross-chain bridge attack. Elliptic has tracked down over 40 exploiters, with the most active making around $42 million. This attack includes wallets that were used to start prior DeFi thefts. — elliptic, August 2, 2022 (@elliptic)
Based on information from Etherscan, a tool for researching the Ethereum blockchain, and the bridge provider's calculations, Nomad has so far recovered about $20 million of the $190 million.
Nomad claimed that it is collaborating with law enforcement and crypto forensics expert TRM Labs to find hackers. Additionally, Nomad has teamed with cryptocurrency exchange Anchorage Digital to accept and protect retrievable funds.
This week, the attack on Nomad first came to light. The Solana ecosystem was attacked by hackers on Wednesday, resulting in thousands of wallets being compromised, giving the crypto sector another black eye shortly after.
