The crypto company Nomad lost almost $200 million in a cyberattack and is hoping to get some of it back by offering a 10% bounty to the hackers if they return the money, as confirmed by CNBC. So far, it has managed to get $20 million back.
Nomad said that the hackers who will come forward, have returned the funds, or will return 90% of the funds will not be taken to court. They will consider these hackers to be "white hats" who inform organizations of problems in their software.
The hackers did not need any programming abilities as the hack allowed users to enter any value to take out funds, even if there were not enough assets. Once others heard of it, it spread like wildfire.
Nomad is a crypto "bridge" that offers a way for tokens to be transferred from one blockchain to another. These bridges contain a huge amount of assets that attract hackers. As tech lead at crypto-security firm Immunefi, Adrian Hetman, said:
"Currently those bridges accumulate a lot of money [...] When there is a lot of money in certain places, hackers are prone to find vulnerability there and steal that money."
There have been several attacks on crypto companies lately and many are trembling with fear that they might be next. These might not be easy times and one should approach markets with caution while conducting proper research.