Nomad Crypto Startup Offers Rewards For Hackers, Here Are The Conditions

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Nomad Crypto Startup Offers Rewards For Hackers, Here Are The Conditions. Crypto startup Nomad, which was hacked, said it offered hackers a reward of up to 10 percent for hackers who returned around USD 200 million (Rp 2.9 trillion) of stolen funds.

Nomad pleaded with the thieves to return any funds to his crypto wallet. In a statement Thursday, August 4, 2022, the company said it has so far recovered more than $20 million from the theft.

“The prize is for those involved, and for those who have returned the funds,” Nomad said in a notice, quoted from CNBC, Monday (8/8/2022).

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Nomad said it would not take legal action against any hackers who returned 90 percent of the stolen assets, as it would consider these people to be “white hat” hackers. White hat itself means “ethical hacker” in the world of cybersecurity. They work with organizations to warn various parties about problems in cybersecurity.

Nomad said he was working with blockchain analytics firm TRM Labs and law enforcement to track the stolen funds and identify the perpetrators behind the attack.

Nomad also works with Anchorage Digital, a licensed US bank focused on cryptocurrency storage, to keep any funds returned.

The Nomad attack was the eighth largest crypto hack of all time, according to blockchain analytics firm Elliptic. There were more than 40 hackers involved, one of which earned less than USD 42 million.

Nomad Crypto Startup Offers Rewards For Hackers, Here Are The Conditions. Previously, cryptocurrency fraud was reported to have been one of the most common cyber breaches in Hong Kong during the first half of 2022, and 25 percent involved digital assets.

The number of such fraudulent schemes can be explained by the growing interest in cryptocurrencies displayed by many Hong Kong residents. A recent study classified the region as the most crypto-ready region in the world.

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According to the South China Morning Post, there have been 10,613 cyberattacks in Hong Kong between early January and late June this year. 798 is a fraudulent scheme regarding a 105 percent increase in cryptocurrency considering the same period in 2021.

Criminals spent 387.9 million Hong Kong dollars (approximately USD 50 million or Rp. 744.61 billion assuming an exchange rate of 14,892 per US dollar) from Hong Kong-based digital asset companies and individuals, a significant jump compared to USD 21 million or Rp. 312 billion stolen in the first half of 2021.

One of the victims was a 30-year-old woman named Fan, who ran a currency exchange shop in the area.

A few months ago, he received a message on WhatsApp from an unknown person presenting himself as the head of the digital asset platform. The criminal persuaded him to invest around USD 280,000 in Tether (USDT).

“The first four transactions to exchange [cryptocurrency] Tether went smoothly. The victim received HK$2.7 million, including payments to him for the exchange services he provided to the scammer. At that time, the scammer gained the victim’s trust,” the law enforcement official said. , quoted from Cryptopotato, Sunday, August 7, 2022.

However, shortly after, the wrongdoer advised Fan to make a transfer of accumulated profits to a dubious cryptocurrency wallet. Needless to say, he lost access to his assets while the scammers stopped communication with him.

Hong Kong police further determined digital asset related fraud is one of the top three frauds in Hong Kong for the first half of 2022. The other two are job offer fraud and online shopping activity fraud.

The rapid increase in cryptocurrency scams in Hong Kong could be fueled by the soaring appetite for digital assets, which residents have recently demonstrated.

Read Also: Australian Central Bank Governor Prefers Stablecoin Over CBDC

A survey conducted last month revealed that China’s special administrative region is the most crypto-ready country globally.

Nomad Crypto Startup Offers Rewards For Hackers, Here Are The Conditions. The first place is the result of a combination of many factors, including the government’s friendly attitude towards the industry, the number of cryptocurrency ATMs, and interest in the sector per capita.

The world’s leading economy, the United States, is in second place, while Europe’s financial center, Switzerland, follows in third.

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