Nomad Token Bridge Recovers $20M of $190M Hacked

Transcript

00:00back to decentralized news so nomad i did a video just uh talking about the um 190 million

00:06dollar hack that we saw um just over the last few days 20 million of that now said uh to have been

00:14recovered uh in their official wallet and uh so this is quite interesting so nomad is considering

00:22a 10 bounty for hackers who return most of their stolen funds the largest return to date uh to date

00:29has been about 100 eth and token bridge um you know this is uh what this company nomad is actually

00:37just a token bridge and on monday it uh lost this 100 million dollar as worth of cryptocurrencies

00:43and 19.4 million of those funds have been sent back to the protocol so far which is a very

00:50insignificant number but nonetheless you know it is a sizable amount they have created a recovery

00:55wallet addressing a plea to uh the white hackers as well um white hat hack is really an ethical

01:02researcher friends who have been safeguarding the eth erc20 tokens to return the lost digital assets

01:08the wallet was set up in association with the custodian bank anchorage digital nomad has since

01:13taken to twitter to thank some of its contributors and the hack resulted from an issue in the code

01:19itself uh one kx research uh came out and uh made this public saying that nomad developers had

01:26accidentally enabled code setting which automatically um verified any transaction script sent to the

01:34protocol as long as they had a default route of um zero uh um x zero zero and the result was a free

01:44for all involving onlookers rushing to submit its licit uh transaction quickly draining the token bridge

01:50uh of all user funds kept inside its associated smart contract and uh nomad did acknowledge that

01:57some users wanted to be more uh consistent uh they wanted more consistent communications coming from them

02:04and they felt that the company wasn't doing enough and uh the firm announced via twitter that hackers

02:10will return at least 90 percent of the total funds they had may be considered for a bounty of up to 10

02:15percent this is the third biggest incident um as far as uh cryptocurrency hacks just this year alone

02:23uh after solana to ethereum wormhole bridge and axie infinity ronin bridge exploits also caused

02:29325 million respectively and uh 20 325 million and 625 million respectively that is uh wormhole and

02:40axie infinity and uh yeah this was quite large so i mean this is a smaller hack in comparison but

02:47quite a sizable sum nonetheless let me know what your thoughts are also don't forget to check our links

02:52in the description like share subscribe maintain on the notifications i'll see you in the next video peace