Nomad Bridge offers 10% bounty to recover stolen funds, whitehat hackers have returned $22M so far

Nomad Bridge offers 10% bounty to recover stolen funds, whitehat hackers have returned $22M so far

Nomad Bridge has announced a 10% bounty for hackers who return at least 90 % of the total funds in their custody. In response, Whitehat hackers have returned $22 million as of August 5.

The bridge was drained of $190.7 million on August 1 after a hacker stole 100 wBTC worth $2.3 million. The exploit was copied by hundreds of addresses which saw them receive a share of the hack.

According to the update, whitehat hackers who return up to 90% of the funds to the official recovery address will not be subjected to any legal action.

Whitehat Hackers coming forward

In the wake of the exploit, some ethical friends of Nomad came up to identify as being a part of the exploit and promised to return the funds.

In a follow-up tweet from Nomad on August 4, it appreciated some addresses that contributed to returning $16.6m to its recovery address.

On August 5, blockchain security firm PeckShield confirmed that $22 million has been recovered. The data showed that 11.6% of the stolen funds have been recovered, while 50% of the amount has not moved since the hack.

Stablecoins make a large portion of the returned assets, with $6 million USDC, $2.88 million DAI, $2.81 million QCT, $2.1 million wBTC, and $2 million USDT.

What’s next for Nomad?

Nomad stated it is actively working with law enforcement agents and blockchain firms to see that all users’ funds are returned. Co-founder and CEO of Nomad Pranay Mohan commented:

“The most important thing in crypto is community, and our number one goal is restoring bridged user funds.”

As a warning to hackers who will not take the peaceful route, Nomad reiterated that it has engaged all relevant agencies to trace the stolen funds and prosecute the parties behind them accordingly.

Source link

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

What do you think?

What Is FLOW Blockchain And Why Is The Price Up 100% In The Last 24 Hours?

clapping image

The Bitcoin Mining Council Reports Year-on-Year Improvements in Sustainable Power Mix