Nomad is offering a bounty in exchange for crypto stolen from its bridge. – Photo: Shutterstock
Nomad is offering a range of 10% rewards to hackers who return stolen from the company’s blockchain bridge.
Any party that returns 90% of the total funds hacked will be considered a white hat hacker, Nomad said in a Twitter post on Friday. About $190 million was drained from Nomad’s bridge on Monday.
AXS to USD
Heist is considered free-for-all
“Nomad will not take legal action against white hats,” Nomad wrote.
The heist was thought to be free as a software bug allowed hackers to simply copy and paste Crypto Nomad investors’ wallet addresses.
Recovery wallet created
The stolen funds must be returned to a Nomad Recovery wallet address the company posted on Twitter.
A bounty payout would be comparable to a ransomware payment. Large corporations and public organizations have paid millions of dollars for ransomware to return hacked data.
SOL to US dollars
Company that works with government agencies
“Nomad continues to work with its community, law enforcement and blockchain analytics firms to ensure all funds are returned,” the company explained in its Twitter post.
A bridge enables the transfer of cryptocurrencies between blockchains. Typically, large pools of liquidity provided by investors are connected to bridges to facilitate transfers.
Typically, bridges are protected by private keys or encryption. But bridges are technically quite complicated and prone to hacks.
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In April, the perpetrators stole $625.5 million from the Ronin Bridge, which was linked to the Axie Infinity token (AXS) and play-to-earn game of the same name. Both are operated by Sky Mavis.
Chen Li, CEO of Youbi Capital, claimed Sky Mavis is more interested in making profits than protecting investors.
Nomad said on Twitter Wednesday that it has recovered $16 million so far.
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