Nomad continues to search for ways to attract hackers to return stolen funds.
Nomad, a cross-bridge protocol used to transfer crypto across different blockchains, is trying to encourage hackers to recover stolen funds by introducing new reward initiatives.
The protocol used Twitter to announce the new reward, which will be given to white hat hackers if they return more than 90% of stolen funds.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
In its Twitter thread, the company also notified that the first 50 white hats that return the funds will be eligible to receive 100 FF tokens (worth around $53) from Forefront.
It seems that the NFT created by Metagame doesn’t serve any purpose except for being a sign of goodwill. Several Twitter users were not happy about Nomad giving away NFT that doesn’t hold value. However, on the official Nomad whitehat prize website, the company notes:
We support people doing the right thing even if it’s for the wrong reason, and we hope that things like this will encourage more people to do the right thing.
The NFTs and Forefront rewards are another attempt to encourage hackers to return stolen funds. On August 2nd, Nomad was hacked due to the gap in security exploit, which allowed hackers to steal the bridge’s funds through a series of transactions. According to the data, $190,7 million in crypto was stolen from the protocol.
Further research revealed that 88% of hackers involved in this theft were “copycats”. The “copycats” caught up on the strategy used by the original hackers and used it to their own benefit.
However, Nomad almost immediately took action to try and recover stolen funds. On August 5th, the company announced that it would not pursue any legal action against those who will return 90% or more of their stolen funds. On top of that, Nomad offered a 10% bounty.
On August 18th, Nomad shared that white hat hackers returned over $37 million worth of crypto, which makes up 20% of all stolen funds.
This article was originally published in Bitdegree and can be viewed here: