After A $190 Million Hack, Crypto Bridge Nomad Offers A 10% Bounty

After A $190 Million Hack, Crypto Bridge Nomad Offers A 10% Bounty!

Crypto Bridge Nomad was declared to offer 10 percent bounties of the total funds recovered, i.e., 19 Million USD (maximum), to the person who would help them to retrieve the cryptocurrencies compromised during the hack earlier this week.

More than 18 million USD has been recovered since the 7th largest breach involving a cryptocurrency bridge this month.

After A $190 Million Hack, Crypto Bridge Nomad Offers A 10% Bounty

They made a Twitter post containing the crypto wallet address and had told that anyone who would help them recover 90 percent of the shares would be considered a “white hat.” A white hat hacker works with big companies and helps them find their product’s security flaws in exchange for a significant fee. 

After A $190 Million Hack, Crypto Bridge Nomad Offers A 10% Bounty

The people at Nomad Bridge have promised that they would not take any legal action but also put emphasis on recovering stolen funds differently.

Nomad continues to work on law enforcement’s blockchain security forms to get the monies back. The theft occurred when a mere vulnerability in the code allowed hackers to sweep funds worth nearly USD 190 Million. As per the Etherscan Analysis, Approximately 20 Million USD has been recovered.

What is Nomad Bridge?

Nomad is a cross-chain bridge platform that allows defi users to move applications from one chain to another, for example, Ethereum to Solana. But most bridges are highly prone to hacking and vulnerable since it is still at quite an infancy level. 

According to Blockchain analytics startup Elliptic Connect, the Nomad hack is the seventh greatest incident in 2022 and the ninth largest theft of all time. A few months back, another bridge – Ronin– faced theft of USD 625 Million. In the Ronin hack, hackers made 174k Ethereum using a tiny Axie Infinity vulnerability.

Bridges are now quite known as an attractive place for hackers. Many customers want to transfer their assets from one bridge to another via a smart contract. However, they operate on the principles of blockchain but yet a bit insecure. 

Nomad Attack Recap

Nomad attack is known as “free-for-all” as hackers made their code open source and allowed anyone to copy it. This opens up a floodgate for individuals to join the saga and pull as many funds as possible. As per the recent Report by Elliptic Connect, approximately 40 exploiters have been found. “One of them has automated the process of withdrawing funds and swept out USD 42 Million,” Says Elliptic Connect. 

Nomad has adopted a strategy followed by different tech giants like Facebook or Microsoft. They offer a bug Bounty page where they reward white hat hackers for uncovering code flaws. This is comparable to the Microsoft Bug bounty page, which lists Xbox Live, Azure Cloud Platform, and other software.

Rate this post

Similar Posts

Leave a Reply

Your email address will not be published.