On August 2, Nomad declared that it would pay up to a 10% bounty for the return of money taken in the most recent Nomad bridge hack.
For the return of the money taken from the Nomad bridge, Nomad offered a reward of up to 10%. The business made a wallet address for sending the money public in a website announcement and tweet.
Anyone who comes forward from this point forward or has already returned money is eligible for the bounty. Nomad has recovered more than $20 million as of this writing.
An extensive hack on Tuesday affected the Nomad token bridge. With almost $200 million in stolen cryptocurrency, this incident was one of the biggest hacks in the history of the cryptocurrency industry. The platform, however, wasted no time in responding to both the hackers and its community.
Update: Nomad Bridge Hack Bounty
(see below for details)
Please send the funds to the official Nomad recovery wallet address on Ethereum: 0x94A84433101A10aEda762968f6995c574D1bF154 https://t.co/8gO1xVl5IC pic.twitter.com/8D7SvbDQlO
— Nomad (⤭⛓🏛) (@nomadxyz_) August 4, 2022
Nomad Bridge Funds Recovery Process
Dear white hat hackers and ethical researcher friends who have been safeguarding ETH/ERC-20 tokens,
Please send the funds to the following wallet address on Ethereum: 0x94A84433101A10aEda762968f6995c574D1bF154 pic.twitter.com/UF623JSZ8u
— Nomad (⤭⛓🏛) (@nomadxyz_) August 3, 2022
Pranay Mohan, co-founder, and CEO of Nomad made the following remarks in a statement:
“The most important thing in crypto is a community, and our number one goal is restoring bridged user funds.”
Accordingly, Nomad will classify any hacker as a white hat hacker if they return at least 90% of the total amount of stolen funds. “Ethical hackers” are another term for white hat hackers. Even though they frequently use the same techniques as black hat hackers, these hackers frequently have permission from the site owner, making their hack legal. White hats are frequently employed to improve platform security.
The platform “will continue to work with our partners, intelligence firms, and law enforcement to pursue all other malicious actors to the fullest extent under the law,” according to Mohan, even though Nomad will classify compliant hackers as white hat.
Days after the hack, Nomad refuted any claims that it had overlooked software flaws that might have allowed for such a compromise.
The platform currently stated that it is collaborating with TRM Labs and law enforcement to find hackers and return the stolen money.