Nomad announces $19 million bounty for lost funds from recent hack

Nomad introduced a bounty of as much as 10% for the return of the stolen funds from the Nomad bridge. In a web site announcement and tweet, the corporate publicly supplied a pockets tackle for sending the funds.

The bounty is relevant to anybody who comes ahead any further or already returned funds. On the time of writing, Nomad recovered greater than $20 million. 

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The Nomad token bridge suffered an enormous hack on Aug. 2. This incident was among the many largest within the historical past of crypto hacks, with almost $200 million in crypto property stolen. Nonetheless, the platform wasted no time addressing its group and the hackers. 

Replace: Nomad Bridge Hack Bounty

(see under for particulars)

Please ship the funds to the official Nomad restoration pockets tackle on Ethereum: 0x94A84433101A10aEda762968f6995c574D1bF154 https://t.co/8gO1xVl5IC pic.twitter.com/8D7SvbDQlO

— Nomad (⤭⛓) (@nomadxyz_) August 4, 2022

In an official assertion, Pranay Mohan, the co-founder and CEO of Nomad, commented:

“Crucial factor in crypto is group, and our primary aim is restoring bridged person funds.”

In that vein, Nomad will take into account any hacker who returns not less than 90% of the whole hacked funds as a white hat hacker. White hat hackers are generally denoted as “moral hackers.” Although these hackers sometimes make use of the identical strategies as black hat hackers, they normally have permission from the positioning proprietor which makes their hack authorized. White hats are sometimes used to raised equip platform safety.

Associated: $2B in crypto stolen from cross-chain bridges this yr: Chainalysis

Although Nomad will take into account compliant hackers to be white hat, Mohan additionally commented that the platform “will proceed to work with our companions, intelligence companies, and regulation enforcement to pursue all different malicious actors to the fullest extent beneath the regulation.”

Within the days following the hack, Nomad denied any claims of ignoring system bugs that might’ve made room for such a compromise. 

Presently, the platform introduced it’s working in tandem with TRM Labs and regulation enforcement to proceed monitoring down hackers and returning stolen funds.