Home Finance Project Nomad managed to recover $22 million of the stolen $190 million

Project Nomad managed to recover $22 million of the stolen $190 million

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Project Nomad managed to recover  million of the stolen 0 million

The developers of the recently hacked decentralized finance project Nomad managed to recover $22 million of the stolen $190 million. The funds began to be returned after the announcement of a reward of 10% for the return.

Hackers completely devastated the Nomad bridge, whose wallets held various assets worth $190 million, in early August. The vulnerability turned out to be a minor update to the smart contract. It allowed any user to resend an already completed transaction with changed addresses, and such a transaction was automatically approved. The result was the “most chaotic hack” in DeFi history, with hundreds of people exploiting the vulnerability.

The developers assured that they are “working with the community, law enforcement and blockchain analysis companies to return all funds.” The team launched a reward program – when the funds are returned, hackers receive 10% of the stolen as a prize “for finding a vulnerability.” In addition, the developers promised not to prosecute the hackers who returned the funds.

On the morning of August 6, the developers managed to return $425,140 in Ethereum and $21.9 million in various ERC-20 tokens.

According to Chainalysis, an analytics company, about $2 billion has been stolen from internet bridges since the beginning of the year. A total of 13 such attacks have been committed.

Source: Bits

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