Nomad announces $190 million bounty to cover lost funds from recent hack

Nomad has announced a bounty of up to 10% for the return of funds stolen from the Nomad bridge. In a website announcement and tweet, the company publicly provided the wallet address used to send the funds.

The bounty is available to anyone who has returned funds from now on. At the time of writing, Nomad has recovered over $20 million.

The Nomad Token Bridge suffered a massive hack on August 2. This incident was one of the largest in the history of crypto hacking, with nearly $200 million in crypto assets stolen. However, the platform did not waste time addressing its community and hacking issues.

Pranay Mohan, co-founder and CEO of Nomad, commented in an official statement:

“The most important thing about cryptocurrency is the community, and our number one goal is to restore bridging user funds.”

In this case, Nomad will consider any hacker who returns at least 90% of the total hacked funds as a white hat hacker. White hat hackers are sometimes called “ethical hackers.” Although these hackers usually use the same methods as black hat hackers, they usually get permission from the website owner, which makes their hacking legal. White hats are often used to better equip platform security.

related: $2B cryptocurrency stolen from cross-chain bridge this year: Chainalysis

While Nomad sees compliance hackers as white hat hackers, Mohan also commented that the platform “will continue to work with our partners, intelligence firms and law enforcement to go after all other malicious actors to the fullest extent permitted by law. actor.”

In the days following the hack, Nomad denied any claims of ignoring system errors that could have made room for such a compromise.

Currently, the platform has announced that it is working with TRM Labs and law enforcement to continue tracking down the hackers and returning stolen funds.