Crypto Company Nomad Offer Hackers a 10% Bounty After a $200 Million Hack

Bitcoin By Raphael Wild Via Unsplash
Bitcoin By Raphael Wild Via Unsplash

Crypto firm Nomad said it’s offering hackers a bounty of up to 10% to recover user funds after losing nearly $200 million in ruinous security exploits.

Nomad begged the hackers to return any funds to its crypto wallet. In a statement late Thursday, the company said it has so far brought back over $20 million of the haul.

“The bounty is for those who come forward now and for those who have already returned funds,” Nomad said.

Nomad said it wouldn’t take legal action against any hackers who return 90% of the assets they took, as it will consider these individuals to be “white hat” hackers. White hats are like the “ethical hackers” in the cybersecurity world. 

It comes after a vulnerability in Nomad’s code allowed hackers to make off with around $190 million worth of tokens. Users could enter any value into the system and then withdraw the funds, even if there weren’t enough assets available on deposit.

The nature of the bug meant users didn’t need any programming skills to exploit it. Once others caught on to what was happening, they piled in and carried out the same attack.