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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.

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

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

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

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.

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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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