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Nomad Is Planning to Give a 10% Bounty for Returned Funds

Nomad Is Planning to Give a 10% Bounty for Returned Funds

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It looks like Nomad is doing everything they can to get at least some of their money back.

Nomad, a cross-chain bridging protocol, provides up to 10% reward after recent hack after losing about $190.7 million.

By blog post shared on August 5, Nomad claims that it will not take legal action against those hackers who return 90% of stolen funds. The company also emphasizes that these hackers are then are considered white hat hackers.

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Both on Twitter and in blog posts, the company shared the official Nomad wallet address where the funds need to be returned. The company points out that the reward applies to everyone who refunds or has already returned them before the announcement.

At the time of writing this article, Nomad has recovered over $20 million in stolen funds.

Speaking about the rewards program, Nomad stated that The process of publishing such a program was complex and required attention.

Given the unprecedented number of decentralized parties, coordination between all was a complex process. We wanted to make sure we were distributing the reward in the right way, so we took the extra time to make sure we took into account the complexities that come with the nature of hacking.

On August 2, Nomad experienced one of the biggest hacks in crypto history. It is believed that several hackers stole crypto payments worth millions due to a gap in security assets.

Nomad users were are satisfied with the company’s general communication during the crisis. After receiving such feedback, Nomad addressed the situation and apologized to its users and promised to provide more consistent updates.

It seems the company is more vigilant than ever, concluding the announcement with a warning to users to “beware of copycats and other scams.”

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree


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