Nomad offers hackers reward for returning 90% of stolen funds
If the conditions are met, the cross-chain protocol team guarantees that there will be no prosecution
05.08.2022 - 13:45
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What’s new? Representatives of Nomad, a cross-chain protocol, have offered hackers to return at least 90% of the stolen assets for a reward of up to 10%. The project team said that it would consider any party that complied with the return as a white hat hacker and would not sue it. The funds should be returned to the official wallet of the protocol.
What else did Nomad report? Nomad representatives stressed that they continue to work with the community, law enforcement agencies, and blockchain analytics companies to ensure that all funds are returned.
The Nomad team assured that returning 90% of the funds will allow the hacker to avoid criminal prosecution by the authorities and lawsuits from third parties.
Details of the hack. On August 2, Nomad was subjected to an exploit that resulted in the withdrawal of almost all funds from the protocol. The total value locked (TVL) dropped from $190 million to $10 000. Some of the funds were withdrawn by white hackers to protect them from theft. On August 3, they returned about $9 million in cryptocurrency to the Nomad wallet address.
Developers have not yet identified the vulnerability, but experts at Paradigm and Zellic suggested that a recent upgrade to one of Nomad’s smart contracts made it easier to fake transactions, allowing users to withdraw funds from the bridge that do not actually belong to them.
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