1,200 ETH Worth $1.57 Million Transferred To Crypto Mixer After Nomad Hack

10. January 2023 By admin Off

• A wallet address related to the Nomad exploit has transferred 1,200 ETH worth $1.57 million to the sanctioned cryptocurrency mixer Tornado Cash.
• The Nomad bridge hack was one of the ten largest crypto hacks in 2022, with more than $190 million worth of digital assets lost.
• A project jumped at the opportunity to provide a nonfungible token reward for those who would choose to return stolen funds to Nomad.

A wallet address associated with the Nomad exploit, one of the ten largest crypto hacks of 2022, has moved $1.57 million in Ether (ETH) to the sanctioned crypto mixer Tornado Cash. The hack, which took place on Aug 1, resulted in hundreds of attackers draining the bridge’s total value locked in a matter of hours due to a security breach.

In total, the wallet address transferred 1,200 ETH to Tornado Cash in 12 batches of 100 ETH each, suggesting that the attackers may be cashing in the funds. The Nomad hack resulted in the loss of more than $190 million worth of digital assets, with almost 90% of the participants being copycats who were able to take over $88 million worth of digital assets.

In an attempt to encourage the return of stolen funds, a project offered a nonfungible token reward for those who would choose to return the tokens. On Dec. 8, the Nomad team released a bridge relaunch guide after patching the vulnerability in the contract that led to the $190 million hack. The patch addressed the issue that caused the exploit and included other measures such as a token sale, improved security and more.

The Nomad team has also created a rewards program to incentivize the return of stolen funds. The program will reward anyone who has returned tokens to the bridge with a special nonfungible token. This token can be used to gain access to special privileges, such as discounts on purchases, and will be distributed to those who have returned their tokens at the end of the month.

The move to transfer funds to the sanctioned cryptocurrency mixer Tornado Cash is a reminder to all users of the importance of maintaining the security of their digital assets. It is also a reminder that hackers are constantly looking for ways to exploit vulnerable systems, and users must stay vigilant in order to prevent their funds from being stolen.

Ultimately, the Nomad team has taken steps to ensure the security of their bridge and to incentivize the return of the stolen funds. It remains to be seen whether the attackers will be able to cash in the funds, or if the rewards program will be successful in encouraging their return.