Nomad announces $190 million bounty for lost funds from recent hack

Nomad revealed a bounty of approximately 10% for the return of the taken funds from the Nomad bridge. In a site statement and tweet, the business openly offered a wallet address for sending out the funds.

The bounty applies to anybody who steps forward from now on or currently returned funds. At the time of composing, Nomad recuperated more than $20 million. 

The Nomad token bridge suffered an enormous hack on Aug. 2. This occurrence was amongst the biggest in the history of crypto hacks, with almost $200 million in crypto properties taken. However, the platform lost no time at all resolving its community and the hackers. 

In a main declaration, Pranay Mohan, the co-founder and CEO of Nomad, commented:

“The most important thing in crypto is community, and our number one goal is restoring bridged user funds.”

In that vein, Nomad will think about any hacker who returns a minimum of 90% of the overall hacked funds as a white hat hacker. White hat hackers are in some cases represented as “ethical hackers.” Though these hackers generally use the very same techniques as black hat hackers, they normally have authorization from the website owner that makes their hack legal. White hats are typically utilized to much better gear up platform security.

Related: $2B in crypto taken from cross-chain bridges this year: Chainalysis

Though Nomad will think about certified hackers to be white hat, Mohan likewise commented that 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.”

In the days following the hack, Nomad rejected any claims of overlooking system bugs that might’ve made space for such a compromise. 

Currently, the platform revealed it is operating in tandem with TRM Labs and police to continue finding hackers and returning taken funds.