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Nomad Bridge offers 10% bounty to recover stolen funds, whitehat hackers have returned $22M so far

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Nomad Bridge offers 10% bounty to recover stolen funds, whitehat hackers have returned $22M so far

Nomad Bridge offers 10% bounty to recover stolen funds, whitehat hackers have returned $22M so far Christian Nwobodo · 3 hours ago · 1 min read

Nomad announced a 10% bounty as efforts to recover $190 million lost in the bridge exploit continues. So far, whitehat hackers have returned $22 million.

1 min read

Updated: August 5, 2022 at 1:43 pm

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Cover art/illustration via CryptoSlate

Nomad Bridge has announced a 10% bounty for hackers who return at least 90 % of the total funds in their custody. In response, Whitehat hackers have returned $22 million as of August 5.

The bridge was drained of $190.7 million on August 1 after a hacker stole 100 wBTC worth $2.3 million. The exploit was copied by hundreds of addresses which saw them receive a share of the hack.

According to the update, whitehat hackers who return up to 90% of the funds to the official recovery address will not be subjected to any legal action.

Update: Nomad Bridge Hack Bounty

(see below for details)

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Please send the funds to the official Nomad recovery wallet address on Ethereum: 0x94A84433101A10aEda762968f6995c574D1bF154 https://t.co/8gO1xVl5IC pic.twitter.com/8D7SvbDQlO

— Nomad (⤭⛓🏛) (@nomadxyz_) August 4, 2022

Whitehat Hackers coming forward

In the wake of the exploit, some ethical friends of Nomad came up to identify as being a part of the exploit and promised to return the funds.

im returning this money, fbi pls calm down. no i didnt plan to steal it and yes i know this address is doxed

🍉 🍉 🍉.eth
Nomad

— 🍉🍉🍉.eth (@SpaceWigger) August 2, 2022

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In a follow-up tweet from Nomad on August 4, it appreciated some addresses that contributed to returning $16.6m to its recovery address.

Thank you to
– 🍉🍉🍉.eth ($4m)
– 0xE3F40743cc18fd45D475fAe149ce3ECC40aF68c3 ($3.4m)
– darkfi.eth ($1.9m)
– returner-of-beans.eth ($1m)
– anime.eth ($900k)
for returning a total of $11.2m to our recovery address!

We’ve recovered a total of $16.6m so far.

— Nomad (⤭⛓🏛) (@nomadxyz_) August 4, 2022

On August 5, blockchain security firm PeckShield confirmed that $22 million has been recovered. The data showed that 11.6% of the stolen funds have been recovered, while 50% of the amount has not moved since the hack.

Stablecoins make a large portion of the returned assets, with $6 million USDC, $2.88 million DAI, $2.81 million QCT, $2.1 million wBTC, and $2 million USDT.

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#PeckShieldAlert As of today (August 5, 2022), ~11.6% ($22m) of stolen funds have returned to the @nomadxyz_ Funds Recovery Address.
~$95m (50% of stole funds) have no further movement yet pic.twitter.com/HaVshS1fCy

— PeckShieldAlert (@PeckShieldAlert) August 5, 2022

What’s next for Nomad?

Nomad stated it is actively working with law enforcement agents and blockchain firms to see that all users’ funds are returned. Co-founder and CEO of Nomad Pranay Mohan commented:

“The most important thing in crypto is community, and our number one goal is restoring bridged user funds.”

As a warning to hackers who will not take the peaceful route, Nomad reiterated that it has engaged all relevant agencies to trace the stolen funds and prosecute the parties behind them accordingly.

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Crime

Curve Finance front end UI compromised in DNS hack – users advised not to interact

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Curve Finance front end UI compromised in DNS hack – users advised not to interact

Curve Finance front end UI compromised in DNS hack – users advised not to interact Liam ‘Akiba’ Wright · 1 hour ago · 1 min read

Over $500k has been stolen from Curve finance as the front end is compromised through an attack taking control of its nameserver.

1 min read

Updated: August 9, 2022 at 10:13 pm

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Cover art/illustration via CryptoSlate

Samczsun, a researcher at Paradigm, is reporting that the Curve Finance front end has been compromised, with over $500k stolen within a matter of minutes.

🚨🚨🚨@CurveFinance frontend is compromised, do not use it until further notice!

— samczsun (@samczsun) August 9, 2022

The official Curve Finance Twitter has confirmed the news stating:

Don’t use the frontend yet. Investigating! https://t.co/8kmtpGsLQQ

— Curve Finance (@CurveFinance) August 9, 2022

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The founder of Rotkiapp, Lefteris Karapetsas, theorized that “It’s DNS spoofing. Cloned the site, made the DNS point to their ip where the cloned site is deployed and added approval requests to a malicious contract.” Curve retweeted the theory in apparent support before following up with a further announcement;

Don’t use https://t.co/vOeMYOTq0l site – nameserver is compromised. Investigation is ongoing: likely the NS itself has a problem

— Curve Finance (@CurveFinance) August 9, 2022

Posted In: Crime, DeFi, Hacks

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Crime

US vows to ‘aggressively pursue’ crypto mixers following Tornado Cash sanctions

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US vows to ‘aggressively pursue’ crypto mixers following Tornado Cash sanctions

US vows to ‘aggressively pursue’ crypto mixers following Tornado Cash sanctions Samuel Wan · 11 hours ago · 2 min read

U.S. Secretary of State Anthony Blinken said the government will continue clampdowns against crypto mixers that are laundering money for criminals.

2 min read

Updated: August 9, 2022 at 2:34 pm

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Cover art/illustration via CryptoSlate

U.S. Secretary of State Anthony Blinken warned that the administration would continue to “aggressively pursue” crypto mixers suspected of laundering illicit funds.

We’ll continue to aggressively pursue actions against currency mixers laundering virtual currency for criminals. Today, @USTreasury sanctioned virtual currency mixer Tornado Cash, which has been used to launder money for a U.S.-sanctioned DPRK state-sponsored cyber hacking group.

— Secretary Antony Blinken (@SecBlinken) August 8, 2022

The comments came as the U.S. Treasury enacted sanctions against Tornado Cash over allegations it had washed over $7 billion worth of cryptocurrencies since 2019. A press release stated that Tornado Cash had repeatedly failed to implement “effective controls” to stop money laundering by criminals.

As a whole, the crypto community responded negatively to the sanctions, with many voicing concerns over hypocrisy and governmental overreach – particularly as the platform is a neutral tool that runs autonomously.

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Vice Writer and self-described cyber historian Lorenzo Franceschi-Bicchierai summed up the argument by saying code is an expression of free speech and so cannot be illegal, let alone sanctioned.

With that, thoughts turn to Secretary Blinken’s statement and whether his words effectively spell the end for crypto mixers and personal freedoms in the U.S.

Is this the end of crypto mixers?

In justifying sanctions against Tornado Cash, the U.S. Treasury said the platform had repeatedly failed to implement controls to stop criminals from money laundering on the platform. However, crypto mixers do not operate Know Your Customer (KYC) controls by their inherent nature.

Tornado Cash co-founder Roman Semenov explained that the platform is decentralized and autonomous, meaning it operates without third-party control. To that end, it has no corporate office or staff, and the user interface is lifted from an Ethereum Name Service domain.

Nonetheless, the U.S. Treasury stated that crypto “mixers that assist criminals are a threat to U.S. national security.” And that it will continue monitoring mixer activity with a view to clamping down on illicit financial risks.

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“[The] Treasury will continue to investigate the use of mixers for illicit purposes and use its authorities to respond to illicit financing risks in the virtual currency ecosystem.”

The crypto community responds

Over five hundred replies were posted to Secretary Blinken’s tweet, the majority of which condemned the actions of the Treasury.

For example, one Twitter user called out the hypocrisy of sanctioning Tornado Cash when HSBC Bank paid a fine $1.9 billion fine on charges of money laundering. The incident happened approaching ten years ago. However, this does not detract from lawmakers treating banks favorably.

FatManTerra waded into the discussion by correcting Secretary Blinken on his designation of Lazarus and Tornado Cash as connected entities. He stated the hacking group had merely used the mixer platform.

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Crime

North Koreans reportedly targeting crypto jobs for insider access

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North Koreans reportedly targeting crypto jobs for insider access

North Koreans reportedly targeting crypto jobs for insider access Oluwapelumi Adejumo · 1 hour ago · 2 min read

Beyond plagiarizing resumes, researchers also discovered that some suspected North Koreans doctored qualifications when applying for jobs.

2 min read

Updated: August 1, 2022 at 7:49 pm

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Cover art/illustration via CryptoSlate

Crypto thieves from North Korea are impersonating experts using fake resumes and identities, Bloomberg News reported Aug. 1.

According to Bloomberg, interviews with cybersecurity experts showed that these fraudsters actively plagiarize information from legitimate profiles to apply for jobs on Indeed and LinkedIn.

North Korean thieves targeting crypto jobs

Cybersecurity company Mandiant reported that a suspected North Korean job seeker claimed to be an “innovative and strategic thinking professional,” adding, “The world will see the great result from my hands.”

While the applicant claimed to be an experienced software developer, researchers at the firm found strikingly similar language on someone else’s profile.

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Beyond plagiarizing resumes, researchers also discovered that some suspected North Koreans doctored qualifications when applying for jobs.

These include lying about publishing the whitepaper for the Bibox crypto exchange or posing as a senior software developer. The researchers added that several employers had hired these suspected North Koreans as freelancers.

Why crypto jobs?

The principal analyst at Mandiant, Joe Dobson, said the new scheme could be a way to gather intelligence about cryptocurrency trends before they happen. Dobson said:

“It comes down to insider threats. If someone gets hired onto a crypto project, and they become a core developer, that allows them to influence things, whether for good or not.”

Additionally, the researchers pointed out that some of these activities might be state-sponsored to give the DPRK government an edge in laundering illicit funds from crypto crimes.

While North Korean authorities have constantly denied being sponsors of crypto crimes, available public information says otherwise.

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The US had previously warned of this threat

The new report supports an earlier warning from the US government that North Korean IT workers were trying to get foreign freelancing positions by posing as citizens of other countries.

The 16-page advisory released two months ago claimed that the IT workers focus on “freelance contracts from employers located in wealthier nations.”

Google warns of fake job sites

Meanwhile, Google also reported that suspected hackers from North Korea had replicated several popular job websites such as Indeed.com and ZipRecruiter to gather information from visitors and possibly steal their data.

In such cases, they gather information from job seekers and send malicious software to access their data.

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