Nomad Has Recovered $22.4 Million After Hackers Stole $190 Million

Data from Etherscan shows that Nomad has received $22.4 million of a $190 million hack after its team declared a reward.

The $9 million that ethical hackers sent back to Nomad on Wednesday has more than doubled in value thanks to the recovered funds. After Nomad announced a 10% bounty on Thursday, more money was found.

More than 300 addresses used Nomad’s cross-chain bridge, a feature that enables users to transfer ERC-20 tokens across Ethereum, Moonbeam, Evmos, and Avalanche, to take $190 million in total on August 1.

Nomad developers exposed the vulnerability – Hacker

The bridge had a significant weakness that was made public and allowed money to be siphoned off. During a smart-contract update, Nomad developers exposed the vulnerability.

The company promised that no legal action would be taken against individuals who returned the tokens to a designated return address, and it made the announcement on Thursday that it would pay the 10% reward to everyone who did so.

Nomad claimed that it is working with law enforcement organizations to look into the event. It has also teamed up with the on-chain analytics company TRM Labs to monitor the transfer of money among the addresses used in the hack.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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CoinCu News

Nomad Has Recovered $22.4 Million After Hackers Stole $190 Million

Data from Etherscan shows that Nomad has received $22.4 million of a $190 million hack after its team declared a reward.

The $9 million that ethical hackers sent back to Nomad on Wednesday has more than doubled in value thanks to the recovered funds. After Nomad announced a 10% bounty on Thursday, more money was found.

More than 300 addresses used Nomad’s cross-chain bridge, a feature that enables users to transfer ERC-20 tokens across Ethereum, Moonbeam, Evmos, and Avalanche, to take $190 million in total on August 1.

Nomad developers exposed the vulnerability – Hacker

The bridge had a significant weakness that was made public and allowed money to be siphoned off. During a smart-contract update, Nomad developers exposed the vulnerability.

The company promised that no legal action would be taken against individuals who returned the tokens to a designated return address, and it made the announcement on Thursday that it would pay the 10% reward to everyone who did so.

Nomad claimed that it is working with law enforcement organizations to look into the event. It has also teamed up with the on-chain analytics company TRM Labs to monitor the transfer of money among the addresses used in the hack.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

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