Crypto Bridge Nomad Recovers $22M after $190M Hack
The Crypto Bridge Nomad announced that they had been able to recover more than $22.4 million. The overall hack was $190 million worth of Ethereum and Ethereum-based tokens stolen earlier this week. According to Etherscan statistics, the Nomad recovery fund has received the equivalent of $22 million in different tokens. These tokens included ETH, USDC, USDT, DAI, CQT, FRAX, wBTC, and wETH.
Nomad is a bridge that allows users to send tokens between Ethereum, Evmos, Milkomeda, and Moonbeam. Nomad bridge was targeted heavily after a vulnerability was discovered on Monday.
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Crypto Bridge Nomad: Proposal of 10% Bounty
Data from Etherscan indicates that the team’s reward offer resulted in a return of $22.4 million. That’s around 11.7% of the $190 million heist, to Nomad. The $9 million ethical hackers gave back to Nomad on Wednesday. They are now reclaiming more than twice as much.
Nomad Bridge has offered a 10% reward for hackers. The one who returns at least 90% of the entire amount held in their possession. Whitehat hackers responded by returning $22 million on August 5. The update states that legal action won’t be taken against white-hat hackers who send up to 90% of the money back to the authorized recovery address.
Nomad will continue to cooperate with our allies, intelligence agencies, and law enforcement, said Mohan, to pursue all other criminals to the utmost degree allowed by the law. Nomad announced that it is helping law enforcement authorities in their investigation into the incident. It also worked with the on-chain analytics company TRM Labs to monitor how money moved between the addresses involved in the hack.
Attackers Prey on Crypto Bridges
Bridge attacks have increased frequency in recent months as cryptocurrency users have shown a stronger desire to transfer funds across blockchains. Buterin expressed security worries about cross-chain bridges earlier this year.
He thinks that multi-chain solutions are the way blockchain technology will go, but he also thinks that storing native blockchain assets on the native blockchain is safer than having them on a non-native blockchain.
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