How to Pull Tokens Out of A White Hat
Market Meditations | August 4, 2022
On Monday, August 1st, we provided breaking news on the Nomad cross-chain bridge that was compromised for over $190 million. Since then, some hackers have emerged as good Samaritans, having put their expertise to use in an attempt to stymie Nomad users’ losses.
- Early reports suggested that friendly hackers, known as ‘white hat hackers’, also ‘stole’ funds to protect as much capital as possible.
- White hat hackers use their skills to identify security vulnerabilities. In return, they often seek a cash reward, like those offered in bug bounty programs.
- Immediately after the exploit, some white hat hackers pledged to return the compromised funds. Etherscan shows that $11.5 million in stolen tokens have currently been returned.
- On Wednesday, the 3rd of August, Nomad published an official wallet address to recover the stolen funds.
- Most salvaged funds come from known Ethereum Name Service (ENS) domain wallet addresses.
Although only a fraction of the total funds have been recovered, Nomad has begun working with law enforcement and blockchain forensic firms to track down the hackers.
Unfortunately, hacks and exploits are becoming a regular occurrence. To learn how to protect your crypto as best as possible, check out our 9 Step Essential Cryptocurrency Security Guide.
