🚨 Time is Running Out: Reserve Your Spot in the Lucky Draw & Claim Rewards! START NOW
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!

Nomad Is Set to Give White Hat Hackers NFT As a Reward for Returned Funds

Nomad Is Set to Give White Hat Hackers NFT As a Reward for Returned Funds

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

Crypto Research Fundamentals: How to DYOR (Animated Explainer)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

Crypto Research Fundamentals: How to DYOR (Animated Explainer)

Crypto Research Fundamentals: How to DYOR (Animated Explainer) Crypto Research Fundamentals: How to DYOR (Animated Explainer)

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. 

Gile K. , Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

Loading...
binance
×
Verified

$600 WELCOME BONUS

Earn Huge Exclusive Binance Learners Rewards
Rating