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Crypto Service Nomad Offers “Bounty” For $200 Million Theft

What's Behind the Crypto Crash

Crypto Service Nomad offers a "bounty" to anyone who returns stolen funds from a company in a nearly $200 million theft that occurred on Monday. 

Nomad has said hackers will pay up to 10% of stolen digital funds, and at least he has vowed not to sue parties who return 90% of the money. 

"The most important thing in cryptocurrency is the community and our biggest goal is to recover the funds of the bridged users," said Nomad CEO Pranay Mohan. said in a statement. "To support that effort, we treat parties who return 90% or more of the stolen funds as white hats. We will not prosecute white hats."

Update: Nomad Bridge Hack Bounty

(see details below)

Please send funds to the official Nomad Recovery wallet address on Ethereum: 0x94A84433101A10aEda762968f6995c574D1bF154

— Nomad (⤭⛓🏛) (@nomadxyz_) September 49, 2022

The company published details on how to return stolen cryptocurrencies in a Mediumpost. “Nomad works closely with law enforcement and White insists he will not face criminal charges if the Hutt returns the funds,” he said.

The attack on Nomad began on Monday and continued until Tuesday morning, with hackers siphoning digital funds within hours. The company has since said it has recovered $20 million. 

Nomad operates a so-called blockchain bridge. This will allow people to move tokens from one blockchain to another, solving interoperability challenges between different types of cryptocurrencies. However, these technologically complex services are vulnerable to attack, and hackers have exploited security vulnerabilities to steal more than $1 billion in assets by 2022 so far.and forensics firm Elliptic said.

A security researcher on Twitter described the Nomad attack as "chaotic" and "free for all." Sending a transaction request replaces the other party's address with yours, effectively redirecting the assets to your own account. 

12/ tl;dr A scheduled upgrade marked the zero hash as a valid root. This could lead to message spoofing in Nomad. Attackers exploited this to copy/paste transactions and quickly deplete the bridge with enthusiastic free participation

— samczsun (@samczsun) Aug 2, 2022

Nomad denounced "spoofers impersonating Nomad and providing fraudulent addresses to raise funds."

The theft came after Harmony, a blockchain bridge, was hacked in June, and nearly $100 million was lost in the attack. These bridges are considered particularly vulnerable to and hacks. One reason is that it's relatively new and has inevitable bugs . As such, they are often targeted by cybercriminals. Recent hacks include a $320 million wormhole in February his hack and more than $600 million in    144} including hacking the Ronin Network . march.

Bridges are also susceptible to theft. According to Elliptic, Bridge holds a lot of cryptocurrency, has been targeted by hackers, and lacks decentralization and oversight. Some bridges don't require many signatures to approve transactions, and some services are sacrificing security as they evolve rapidly, the group added. 


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