Nomad offers 10% bounty to hackers

Cryptocurrency firm Nomad hopes that it can appeal to hackers’ better nature and have them return the $190m they stole recently.

In exchange, the company will drop its investigation and relinquish any formal criminal penalties against them.

The hackers will also be walking away rich from this exchange with 10% of the stolen mount rewarded as bounty for exposing the critical exploit that led to the issue, the company said in a statement.

However, the hack was particularly damaging as it enabled an initial hack of $2.3m to be rapidly replicated with even non tech-savvy people able to copy a piece of code and syphon off funds as well. This resulted in a total of $190m being stolen, with $84m of that amount in USD.

So, using hackers here is a broad term and Nomad realizes it. However, the company is prepared to pay anyone back the promised 10% bounty if they choose to return the money voluntarily. Those people will also be considered “white hat hackers” and no legal action will be undertaken against said parties.

While the original hacker was able to hit the network, the dozens of other opportunistic cryptocurrency owners may not be so good at covering their tracks, which could leave them on the hook for the exploit if they refuse to cooperate fully.

Nomad is simply offering a way out while also seeking to reclaim a substantial chunk of user funds it lost in the hack.

Nomad CEO Pranay Mohan acknowledged that there are many hackers, but right now the priority remained restoring the bridged user funds.

Mohan also sent a fair warning to anyone who fails to comply and said that the company will “pursue all other malicious actors to the fullest extend under the law”.

At press, $22m have been returned to the company, showing proof of the success of the proposition Nomad made.

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Source

Updated: 08/08/2022 — 10:00