Nomad Announces $19 Million Reward for Funds Lost in Recent Hack

Nomad Announces  Million Reward for Funds Lost in Recent Hack

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

The reward is applicable to anyone who shows up from now on or has already returned the funds. As of press time, Nomad has recovered more than $20 million.

The Nomad token bridge suffered a massive hack on August 2. This incident was one of the largest in the history of cryptocurrency hacks, with nearly $200 million in crypto assets stolen. However, the platform wasted no time in addressing its community and hackers.

In an official statement, Pranay Mohan, Co-Founder and CEO of Nomad, commented:

“The most important thing in cryptocurrencies is the community, and our number one goal is to restore bridged user funds.”

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

Although Nomad will consider hackers who comply with regulations as white hat, Mohan also commented that the platform “will continue to work with our partners, intelligence companies, and law enforcement to pursue all other malicious actors to the fullest extent of the law.”

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In the days following the hack, Nomad denied ignoring system flaws that could have led to such an incident.

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

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