Nomad has announced it has recovered $22 million after a $190 million hack. Data from Etherscan shows that Nomad has recovered about $22.4 million (11.4%) of the $190 million hack after the team announced the reward.
The amount recovered by Nomad is now more than double the $9 million the ethical hacker returned to Nomad. After the protocol announced a 10% bounty, Nomad saw more stolen funds returned.
$200 million utilization
Nomad suffered a serious hack on August 1st after hackers exploited a vulnerability that drained funds from nearly all of the protocol, totaling around $200 million.Hundreds of hackers, including white hat hacker The attack was orchestrated by those who intended to return the funds to the protocol. This attack once again raised concerns about the security of the cross-chain bridge. Nomad’s team confirmed the vulnerability, stating,
“An investigation is underway and the leading firm in blockchain intelligence and forensics has been retained. We have notified law enforcement and are working 24/7 to resolve the issue and provide timely updates. Our goal is to identify the accounts involved And track and recover funds.”
The cross-chain bridge has a serious vulnerability entering the public domain that has caught the attention of potential hackers.Nomad developers introduced the vulnerability, sources say During routine smart contract updates. Following the exploit, the Nomad team announced that it will pay a 10% bounty reward to any hacker who returns funds to the designated return address. The team also assured the hackers that no legal action will be taken against any hackers who return funds.
For its part, Nomad is working with law enforcement officials and agencies to investigate the hack. It also announced a partnership with on-chain analytics firm TRM Labs to track funds from all addresses involved in the attack.
A spate of crypto hacks continues
The Nomad exploit registers itself as the 8th biggest crypto hack of all time as the recent wave of crypto exploits continues. According to security firm Chain Analysis, the hack resulted in a staggering $2 billion stolen from the cross-chain bridge. There were 13 exploits related to cross-chain bridges, the largest of which was the Ronin attack, with $615 million stolen. Ronin is associated with the popular game Axie Infinity. In another recent hack, $5.2 million worth of cryptocurrency was stolen from about 8,000 wallets connected to Solana.
Disclaimer: This article is for informational purposes only. It is not intended or intended to be used as legal, tax, investment, financial or other advice.