Nomad Announces 10% Bounty to Return Hacked Fund
Table of contents
Nomad Hack - One of the Biggest Hacks in the Crypto Industry
On August 2, an effective hack was made against the Nomad token bridge. With around $200 million in stolen cryptocurrency, this incident was one of the biggest thefts in the history of the cryptocurrency industry. The site, however, wasted no time in responding to both the hackers and its community. Accordingly, the token bridge will classify any hacker as a white hat hacker if they return at least 90% of the entire amount of funds they have stolen.
"Ethical hackers" is another term for white hat hackers. Even though they frequently use the same techniques as black hat hackers, these hackers receive authorization from the site owner, making their attack lawful. White hats are commonly employed to improve platform security.
According to the co-founder and CEO of the firm, Pranay Mohan, the platform "will continue to engage with their partners, intelligence firms, and law enforcement to pursue all other criminal actors to the maximum extent under the law," even though Nomad would classify compliant hackers as white hats. Days after the intrusion, Nomad refuted any claims that it had overlooked software flaws that may have allowed for such a vulnerability. The site now stated that it collaborates with TRM Labs and law authorities to find hackers and return the stolen money.