It seems that Nomad will do whatever it takes to reclaim at least a part of its funds.
Nomad, a cross-chain bridge protocol, is offering a bounty of up to 10% after losing around $190,7 million in a recent hack.
According to the blog post shared on August 5th, Nomad claims that it will not pursue any legal actions against those hackers who will return 90% of stolen funds. The company also highlights that these hackers will then be considered as a white hat hackers.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is a Smart Contract? (Explained with Animations)
In both Twitter and blog posts, the company shared an official Nomad wallet address where funds must be returned. The company notes that the bounty is applicable to everyone who will be returning funds or has already returned them prior to the announcement.
At the time of writing this article, Nomad has reclaimed more than $20 million of stolen funds.
When talking about the bounty program, the Nomad noted that the process of issuing such a program was complex and needed attentiveness.
Given the unprecedented number of decentralized parties involved, coordinating amongst everyone was a complex process. We wanted to make sure we put the bounty out in the right way, so we took some additional time to make sure we considered the complexities due to the nature of the hack.
On August 2nd, Nomad experienced one of the biggest hacks in crypto history. It is believed that multiple hackers stole millions worth of crypto due to the gap in security exploits.
The Nomad users were not happy about the overall communication of the company during the crisis. After receiving such feedback, Nomad addressed the situation and apologized to its users, and promised to provide more consistent updates.
It seems that the company is more alerted than ever, finishing the announcement with a warning for users to “be wary of impersonators and other scams”.