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

Nomad introduced a bounty of as much as 10% for the return of the stolen funds from the Nomad bridge. In an internet site announcement and tweet, the corporate publicly offered a pockets handle for sending the funds.

The bounty is relevant to anybody who comes ahead any longer or already returned funds. On the time of writing, Nomad recovered greater than $20 million. 

The Nomad token bridge suffered an enormous hack on Aug. 2. This incident was among the many largest within the historical past of crypto hacks, with practically $200 million in crypto property stolen. Nevertheless, the platform wasted no time addressing its group and the hackers. 

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In an official assertion, Pranay Mohan, the co-founder and CEO of Nomad, commented:

“An important factor in crypto is group, and our primary aim is restoring bridged consumer funds.”

In that vein, Nomad will contemplate any hacker who returns a minimum of 90% of the overall hacked funds as a white hat hacker. White hat hackers are typically denoted as “moral hackers.” Although these hackers sometimes make use of the identical strategies as black hat hackers, they often have permission from the location proprietor which makes their hack authorized. White hats are sometimes used to raised equip platform safety.

Associated: $2B in crypto stolen from cross-chain bridges this 12 months: Chainalysis

Although Nomad will contemplate compliant hackers to be white hat, Mohan additionally commented that the platform “will proceed to work with our companions, intelligence corporations, and legislation enforcement to pursue all different malicious actors to the fullest extent beneath the legislation.”

Within the days following the hack, Nomad denied any claims of ignoring system bugs that might’ve made room for such a compromise. 

At the moment, the platform introduced it’s working in tandem with TRM Labs and legislation enforcement to proceed monitoring down hackers and returning stolen funds.

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