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Exploited Cross-Chain Protocol Nomad Offers Hackers 10% To Return Stolen $190 Million

Cross-chain protocol Nomad has released a statement addressed to hackers. The protocol claims that those who return at least 90% of the total funds they stole during the recent $190 million free-for-all hack will be considered for a bounty of as much as 10%.

Nomad Announces 10% Bounty on Returned Funds

On Tuesday, August 2nd, Nomad fell victim to one of the biggest crypto hacks of the year when more than $190 million was stolen due to a flaw in the protocol’s code which allowed anyone to submit illicit transactions and withdraw funds they didn’t own.

In a public plea, the Nomad team announced a 10% bounty for the return of stolen funds from the Nomad bridge. For this purpose, Nomad has created a recovery wallet address in collaboration with custodian bank Anchorage Digital.

In an official statement, Pranay Mohan, the Co-Founder and CEO of Nomad, commented: “The most important thing in crypto is community, and our number one goal is restoring bridged user funds.”

Nomad Recovers Over $21 Million of the Stolen Funds 

Despite it falling victim to the gargantuan hack, concerned Nomad community members began working with the protocol to safeguard as much of the remaining funds as possible.

These “White hat friends”, as the protocol called them, have managed to secure the return of over $21 million of the stolen funds to the Nomad recovery wallet.

Nomad exploit

On the Flipside

  • Following the hack on the Nomad bridge, the Cardano community, including Twitter user “ADA Whale”, has complained that many Cardano users have been indirectly affected by the attack.

Why You Should Care

Nomad continues to explore all options to ensure the return of users’ funds from the third biggest crypto hack of 2022.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.