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Crypto bounty: Reward offered for return of stolen Nomad Bridge funds

By Monte Stewart


Updated

Man in hoodie sitting at laptop
Nomad is offering a bounty in return from crypto stolen from its bridge. - Photo: Shutterstock

Nomad is offering a series of 10% bounties to hackers who return stolen from the company’s blockchain bridge.

Any party who returns 90% of the total funds that it hacked will be considered a white hat hacker, Nomad said Friday in a Twitter post. About $190m was drained from Nomad’s bridge on Monday.

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AXS to USD

Heist viewed as free-for-all

“Nomad will not pursue legal action against white hats,” wrote Nomad.

The heist was viewed as a free-for-all because hackers could simply copy and paste crypto Nomad investors’ wallet addresses due to a software glitch.

FLOW to USD

Recovery wallet created

The stolen funds must be returned to a Nomad recovery wallet address that the company posted on Twitter.

A bounty payout would be akin to a ransomware payment. Large companies and public organization have paid millions of dollars in ransomware for the return of hacked data.

SOL to USD

Company working with authorities

“Nomad is continuing to work with its community, law enforcement and blockchain analysis firms to ensure all funds are returned,” stated the company in its Twitter post.

XRP/USD

0.59 Price
-2.050% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,503.76 Price
-0.670% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.13 Price
-2.010% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

SOL/USD

174.11 Price
-0.410% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

A bridge enables cryptocurrencies to be transferred between blockchains. Typically, large liquidity pools provided by investors are attached to bridges to facilitate the transfers.

Typically, bridges are protected by private keys, or encryption. But bridges are quite technically complicated and have been prone to hacks.

 

Ronin hacked

In April, culprits stole $625.5m from the Ronin bridge linked to the axie infinity (AXS) token and play-to-earn game of the same name. Both are operated by Sky Mavis.

Youbi Capital CEO Chen Li contended that Sky Mavis was more concerned about making profits than protecting investors.

Nomad said on Twitter on Wednesday that it has recovered $16m thus far.

Markets in this article

AXS/USD
AXS/USD
6.44 USD
-0.1 -1.560%
SOL/USD
Solana / USD
174.1129 USD
-0.7065 -0.410%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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