A crypto startup that lost $190 million in a cyberattack is now offering hackers up to a 10% bounty to return stolen crypto. Let us explain how it would work …

Brut America

Transcript

00:00A crypto startup is offering a bounty to hackers after a hundred and ninety million dollars in

00:06crypto was stolen from its platform. But how is it even possible to steal digital currency

00:11and can hackers spend that money once they have it? Brute can explain in less than 60 seconds.

00:15Nomad serves as a bridge between different blockchain networks and handles large amounts

00:21of various cryptocurrencies. Hackers often attack these types of platforms by looking for weak

00:26spots in their software, which is seemingly what happened to Nomad. It was attacked on August 1st

00:31after users discovered that they could easily withdraw funds of any amount and without any

00:36programming experience. Spending that money won't be easy though. Every movement of cryptocurrency

00:42transactions are documented on the blockchain and oftentimes it becomes so hard to cash out

00:47stolen funds that hackers will choose to negotiate with platforms instead, which is what Nomad is

00:52now suggesting. And in addition to the bounty, the company is promising not to take legal action

00:57against those who return the funds.

Category

Transcript

Be the first to comment

Recommended