White hackers return nearly $9 million to crosschain protocol Nomad

During the exploit of the project on August 2, they managed to withdraw some assets to secure them against theft

03.08.2022 - 14:15

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What’s new? According to analytics company PeckShield, white hackers returned about $9 million in cryptocurrency to a blockchain address belonging to crosschain protocol Nomad. On August 2, Nomad underwent an exploit, during which white hackers withdrew some of the funds in order to secure them from being stolen. According to Etherscan, on August 3, the protocol wallet received $3,75 million USDC, $2 million USDT, $2 million in CQT tokens and $1,2 in FRAX, among other assets.

PeckShield's data

What else is known about the return? Most of these funds came from well-known Ethereum Name Service (ENS) domain addresses. They are among the 300 wallets involved in the incident. Unlike the attackers, the white hackers aimed to protect Nomad's funds. The project team has already provided the wallet, asking the white hackers to return the funds.

Nomad Bridge Funds Recovery ProcessDear 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

Nomad representatives said they are working with law enforcement and blockchain expertise companies to track down the hackers responsible for the hack.

Details of the hack. The August 2 exploit resulted in more than $190 million being withdrawn from Nomad's protocol. Developers have yet to identify the vulnerability, but experts at Paradigm and Zellic have 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 don't actually belong to them.

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