Following the Nomad bridge hack on Aug. 2, Nomad has announced that it’s offering up to a 10% bounty of the stolen $190M from the recent hack.
For the recovery of the money taken from the Nomad bridge, Nomad offered a reward of up to 10%. The business made a wallet address for sending the money public in a website notice and tweet.
Anyone who comes forward from this point forward or has already returned money is eligible for the bounty. As of the time of writing, Nomad had made over $20 million in profit.
On August 2, a significant hack was made against the Nomad token bridge. With around $200 million in stolen cryptocurrency, this incident was one of the biggest thefts in the history of the cryptocurrency industry. The site, however, wasted no time in responding to both the hackers and its community.
Pranay Mohan, co-founder, and CEO of Nomad, made the following remarks in a public statement:
“The most important thing in crypto is community, and our number one goal is restoring bridged user funds.”
Accordingly, the crypto bridge will classify any hacker as a white hat hacker if they return at least 90% of the entire amount of funds they have stolen.
“Ethical hackers” are another term for white hat hackers. Even though they frequently use the same techniques as black hat hackers, these hackers frequently receive authorization from the site owner, making their attack lawful. White hats are frequently employed to improve platform security.
The platform “will continue to engage with our partners, intelligence firms, and law enforcement to pursue all other criminal actors to the maximum extent under the law,” according to Mohan, even though Nomad would classify compliant hackers as white hats.
Days after the intrusion, it refuted any suggestions that it had overlooked software flaws that may have allowed for such a vulnerability.
The site now stated that it is collaborating with TRM Labs and law authorities to find hackers and return the stolen money.
