This Crypto City Offers Hackers IDR 258 ​​M Cash, What's Up?

in LeoFinance2 months ago

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Crypto company Nomad is promising up to 10% of money for hackers to retrieve user funds stolen by online thieves. After they lost US$190 million in security exploits. This means that the thief hacker who returns the funds or the hacker who manages to retrieve the money from the thief will be promised a reward of US$19 million or the equivalent of Rp. 285 billion (assuming Rp. 15,000/US$). "The bounty is for those who come forward now and those who have returned the funds," said Nomad, quoted from CNBC International, Monday (8/8/2022).

Nomad said it would not take legal action for the hackers who returned 90% of the seized assets. According to the company, they will be considered white hat hackers, i.e., ethical hackers in the world of cybersecurity. The announcement came after a vulnerability in Nomad's code allowed hackers to obtain $190 million worth of tokens. The user can enter any value in the system and withdraw funds, even if there are not enough assets available in the deposit. The nature of the bug means that users don't need any programming skills to exploit it. When other people know what's going on it will pile up and attack the same.

Nomad also said he was working closely with Blockchain analysts TRM Labs as well as law enforcement. This is in order to track the stolen funds and find out the culprit. Additionally the company is working with Anchorage Digital, a licensed United States (US) bank, focusing on cryptocurrencies to store any returned funds. For information, Nomad is a bridge or 'bridge', connecting different Blockchain networks together. Bridge is a simple way for users to send tokens from one Blockchain to another.

The attack on Nomad was the eighth largest according to analytics firm Blockchain Elliptic. There were more than 40 hackers involved, one of whom pocketed US$42 million. "Right now the bridges are raising a lot of money," said Adrian Hetman, technology lead at crypto security firm Immunefi. "When there's a lot of money in a certain place, hackers tend to find vulnerabilities there and steal the money."

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