Nomad offers up to a 10% bounty for the return of hacked funds

Nomad bridge was recently raided for $190 million and has recovered over $20 million. To get back the rest, it promises not to prosecute hackers who safeguarded the funds.

Nomad, a cross-chain communication standard enabling "cheap and secure transfers of tokens and data between chains," was raided for more than $190 million in cryptocurrency. White hat hackers have taken the funds during the chaos to safeguard them from malicious actors.

Nomad has announced an up to 10% bounty for the return of funds hacked from the bridge on August 1, 2022.

"The bounty is for those who come forward now, and for those who have already returned funds, contributing to the more than $20 million recovered to date," a written statement to Cybernews reads.

Nomad considers any party who returns at least 90% of the total funds they hacked to be a white hat hacker.

"Nomad will not pursue legal action against any white hat hackers," it said, asking to return the funds to the official Nomad recovery wallet address at 0x94a84433101a10aeda762968f6995c574d1bf154.

Nomad is working with TRM Labs and law enforcement to recover the funds and has partnered with Anchorage Digital to accept and safeguard retrievable funds from the bridge attack.

"The most important thing in crypto is community, and our number one goal is restoring bridged user funds. To support that effort, we will treat any party who returns 90% or more of exploited funds as a white hats," Pranay Mohan, co-founder and CEO of Nomad, said. "We will not prosecute white hats. But we will continue to work with our partners, intelligence firms, and law enforcement to pursue all other malicious actors to the fullest extent under the law."

Crypto projects have been in trouble lately, not just because of the crypto winter. The recent hack of Solana robbed users of some $8 million. This week, threat analyst PIXM reported the phishing campaign that bypasses the two-factor authentication used to safeguard wallet holders, hoodwinking them into giving up their cybersecurity credentials with a fake email sent by cyber con artists.

A co-founder of AI trading platform EndoTech, Dmitry Gooshchin, believes that crypto startups are focusing on innovation and forgoing security.

"The financial services industry has been the subject of hacking and frauds for eternity - the crypto world is no different. Unfortunately, too many companies are designing technologies solely with innovation in mind but don't have the security/financial background to understand the criticality of secure transactions," he told Cybernews. "In this case, the raison d'etre was around secure transactions - so it's doubly disappointing. While it can and does happen to even the largest of banks, it has plagued young web3 companies disproportionately. We hope that they tighten their security protocols as the industry needs to restore faith in cryptocurrency transactions."

More from Cybernews:

Post-quantum encryption algorithms under rigorous scrutiny: expect more hacks

Baseball card Mark Zuckerberg had made for him as a kid will go up for auction

Tutanota calls for a tighter grip on Big Tech

Ukraine dismantled million-strong disinformation bot farm

Winamp is back after revamp; nostalgia-inducing looks intact

Subscribe to our newsletter

Leave a Reply

Your email address will not be published. Required fields are markedmarked