Nomad Announces Bounty of $190M for the Recovery of Stolen Cash
Nomad has offered a reward of up to 10 percent of the value of the stolen monies from the Nomad bridge in exchange for their safe return. The corporation made the location of its digital wallet publicly available through a notice posted on its website as well as a tweet.
Any person who comes forward from this point forward or who has already returned monies is eligible for the bounty. At the time that this article was written, Nomad had recouped almost $20 million.
On August 2, there was a major security breach at the Nomad token bridge. This event was the biggest in the history of cyberattacks involving cryptocurrencies, with approximately $200 million worth of cryptocurrency assets being taken. On the other hand, the platform did not spend any time responding to its community as well as the hackers.
Update: Nomad Bridge Hack Bounty
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— Nomad (⤭⛓🏛) (@nomadxyz_) August 4, 2022
Pranay Mohan, who is the co-founder as well as the CEO of Nomad, made the following observation in an official statement:
“The community is the single most essential aspect of the cryptocurrency space, and the recovery of bridging user assets is our primary focus.”
In the same line, Nomad will consider any hacker to be a member of the white hat community if they repay at least 90 percent of the total monies that were stolen. White hat hackers are also referred to as “ethical hackers” in certain circles.
Even while white hat hackers normally use the same tactics as black hat hackers, the difference is that white hat hackers frequently obtain authorization from the site owner, making their hacks legitimate. In order to strengthen platform security, white hats are frequently employed.
“Will Continue to Engage With Our Partners”
Mohan stated that the Nomad platform “will continue to engage with our partners, intelligence firms, and law enforcement to pursue all other criminal actors to the utmost extent permissible under the law,” despite the fact that Nomad will consider white-hat hackers to be compliant hackers.
In the days that immediately followed the attack, Nomad vehemently refuted any suggestions that it had ignored system vulnerabilities that could have allowed for such a vulnerability.
At this time, the platform has made the announcement that it is collaborating with TRM Labs and law enforcement in an effort to continue locating the hackers and recovering the monies they took.