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Whitehat hackers refund $9M to Nomad

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Whitehat hackers refund $9M to Nomad

Whitehat hackers refund $9M to Nomad Oluwapelumi Adejumo · 7 hours ago · 1 min read

A breakdown of the returned funds showed that the majority of them were stablecoins. Around $2 million USDT, $3.8 million USDC, $1.2 million FRAX and $150,000 DAI have been returned.

1 min read

Updated: August 3, 2022 at 8:24 pm

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Cover art/illustration via CryptoSlate

Whitehat hackers have returned around $9 million of the stolen $190 million from Nomad Bridge, Peckshield revealed.

#PeckShieldAlert PeckShield has detected ~$9m has returned into @nomadxyz_ Funds Recovery Address, including 100 $ETH (~$164k) from address with ENS name bitliq.eth, ~3.78m $USDC, ~2m $USDT, ~15.8m $CQT (~$1.38m), ~1.2m $FRAX (~$1.2m), 200 $WETH (~328k), ~150k $DAI and etc. pic.twitter.com/Bpyjt7jnek

— PeckShieldAlert (@PeckShieldAlert) August 3, 2022

According to the blockchain security firm, the returned amount is roughly 4.8% of the total loss incurred by the bridge.

A breakdown of the returned funds showed that the majority of them were stablecoins. Around $2 million USDT, $3.8 million USDC, $1.2 million FRAX and $150,000 DAI have been returned.

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Other tokens that were returned include SUSHI, WETH, Ethereum (ETH), and others.

The Nomad team had urged the white hat hackers to refund the funds to a designated wallet.

Nomad Bridge Funds Recovery Process

Dear white hat hackers and ethical researcher friends who have been safeguarding ETH/ERC-20 tokens,

Please send the funds to the following wallet address on Ethereum: 0x94A84433101A10aEda762968f6995c574D1bF154 pic.twitter.com/UF623JSZ8u

— Nomad (⤭⛓🏛) (@nomadxyz_) August 3, 2022

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A statement from Nomad also revealed that the firm was “working with TRM Labs, a leading chain analysis/intelligence firm and law enforcement to trace stolen funds, identify recipient wallets, and coordinate the return of funds.”

The crypto bridge protocol also revealed that it was working with custodial firm Anchorage Digital to “accept and safeguard” the retrieved funds.

Nomad refute claims of being warned about the attack

Nomad refuted claims that a Quantstamp’s audit had warned it about the possibility of the hack.

According to the team, the identified issue in the audit was unrelated to the hack.

4/ Contrary to misinformation that has spread within the community, this issue was not disclosed as part of Quantstamp’s audit of the Nomad contracts. The issue identified by Quantstamp was related to prove(), an entirely different function.

— Connext | ✖chain composability 🧱 (@ConnextNetwork) August 3, 2022

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There had been increased chatter within the crypto community that the Nomad team was warned about a security vulnerability in its code but did nothing about it.

Analysis

Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000

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Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000

Bitcoin was trading lower to start the week, after the token briefly rose above $25,000 during Sunday’s session. As of writing, the global cryptocurrency market cap is currently trading 2.85% lower. Ethereum also dropped lower on Monday, with prices moving away from a recent high above $2,000.

Bitcoin

After a brief stint above $25,000 over the weekend, bitcoin (BTC) was trading in the red to start the new week.

On Sunday, BTC/USD hit an intraday high of $25,135.59, however the world’s largest token slipped to a bottom of $23,960.03 today.

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Sunday’s high was the most bitcoin has traded at since June 14, when prices of the token were over $26,700.

BTC/USD – Daily Chart

Looking at the chart, today’s decline in price comes after a resistance level of $24,800 was hit over the weekend, with bulls unable to sustain the uptrend required to push prices higher.

In addition to this, the 14-day relative strength index (RSI) is tracking at 56.44, which comes after failing to break out of a ceiling of 61.80.

This continues to be the main obstacle in the way of BTC rising back above $25,000 for a longer period of time.

Ethereum

In addition to BTC falling below $25,000, ethereum (ETH) also slipped to start the week, as the token dropped below $2,000.

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Over the weekend, prices of the world’s second-largest token by market capitalization moved above $2,000 for the first time since May.

However, on Monday, ETH/USD dropped to a low of $1,887.82, which was less than a day after trading at a high of $2,007.21.

ETH/USD – Daily Chart

This bearish turn in ethereum also comes as a result of the RSI being overbought, as it climbed above 71, which was its highest point since April 4.

As of writing, the index is tracking at 62, which comes as bearish sentiment swept through markets to start the week.

Prices will now be tested, with the index now close to a floor of 61, and should momentum move below this point, then we could see further declines.

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Can ethereum climb back above $2,000 this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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BTC

Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

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Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

The United States’ newest release on its inflation rate for July has created a celebration reason for many, especially the crypto sector. According to the Department of Labor publication, the July customer price index (CPI) report dipped to 8.5%. This was against its last year’s value of 9.1%.

With the report’s release, many people have expressed their recommendations for the Biden Administration and their shock. Some confessed that they have expected to see a spike in inflation due to some of the prevailing factors at the moment. They mentioned that the ongoing Ukraine-Russia war and price increase in goods were expected to play a role.

US President Joe Biden has reacted to the great news of the CPI report. Commenting from the White House, he maintained that the news shows that the economy ran with zero percent inflation for July.

President Biden further mentioned that their approach to controlling inflation yields positive results. Hence, he encouraged Congress to pass the inflation Reduction Act. This will help to build an economy that would reward hard work.

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In the past six months, the US reported a negative GDP value for the two quarters of the year. Inflation also rose within the period, as indicated by the high-priced economy.

The report pointed out the monthly energy cost reduction that hit 4.6%. The value contradicts that of 2021, which gave a climbing curve to be at 32.9%. On the part of food expenses, there is a continuous uptrend.

The report recorded an 11% increase for July and a 10.9% rise on a year-over-year basis. Pundits reported that this value stands as the highest surge since May 1979.

Cryptocurrency market trends downwards | Source: Crypto Total Market Cap on TradingView.com

Gasoline prices dipped by 7.7% monthly to give drivers a little aid. However, it remained higher than the value for 2021 by 44%.

Crypto Market Followed An Uptrend

In a new development, the crypto market is making positive progress in price and value. However, the crypto space has been in shamble due to the impact of the crypto winter and other combining factors.

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In addition, the geopolitical climate and macro influences had been quite unfavorable. As a result, bitcoin and most major crypto assets experienced drastic price drops over the first half of 2022.

While expecting the CPI July report, many cryptocurrencies dropped on August 9. On its part, BTC plummeted by 4% to trade at $23,100. This sudden downward move was after it hit the $24,000 level as of Monday. For Ethereum, the drop went below 5%.

But the market prices are making a bounce with most assets moving uptrend. For example, while Bitcoin has climbed above $24,200, Ethereum is increasing slightly beneath $1,900 at the time of writing.

Featured image from Phemex, Chart from TradingView.com

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Leading European Tire Retreader Vaculug To Accept Crypto Payments

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Leading European Tire Retreader Vaculug To Accept Crypto Payments

Vaculug, a British company that brands itself as Europe’s largest independent tire retreader, will now accept cryptocurrencies for its products and services. Its management says the business must move with the times and offer customers more options than pounds and pence.

Vaculug to Take Major Coins, Offer Contracts in Cryptocurrency

U.K.-based tire retreading firm Vaculug has announced it will accept two leading cryptocurrencies, bitcoin (BTC) and ethereum (ETH) as a means of payment for tires and related services. The company claims it’s the first in the industry to do that.

In a press release, Vaculug also revealed it intends to sign fixed price contracts in ‘crypto per kilometer’ and ‘crypto per vehicle’ formats, if customers would like to fix or link them to the prices of the two supported cryptocurrencies.

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Blockchain is not the future but the now, says Vaculug’s IT manager Jason Humphries. “We believe that all companies will have to accept cryptocurrencies in the near future and we are proud to be the first retreader to do so,” he commented.

Humphries thinks the company, which he describes as customer-centric, must move with the times and offer clients “more options than just pounds and pence.” He also insists that crypto payments will lower transaction costs for both sides while providing more value to the buyer.

“We are proud to have partnered with Vaculug to develop the modules required for their industry leading VMS management system to be able to receive secure payments through the blockchain,” said Sam Dunross, the CEO of Dunross and Chan Ltd. which will process the crypto transactions. He added that its platform has been developed with cybersecurity firms from Israel to ensure it’s secure.

Despite the latest crypto market downturn, the number of businesses introducing bitcoin payments has continued to grow. For example, Swiss luxury watchmaker TAG Heuer announced earlier this year that it accepts a dozen coins in the U.S. through an integration with Bitpay. And a survey conducted by financial services firm Deloitte and payment processor Paypal showed that 85% of merchants consider enabling this payment method a high priority.

Tags in this story

Bitcoin, BTC, Crypto, crypto payments, Cryptocurrencies, Cryptocurrency, Cryptocurrency Payments, ETH, ether, Ethereum, Europe, Payments, retreader, tire, tire retreader, tires, uk, Vaculug

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Do you expect increased adoption of crypto payments after this month’s relatively positive developments in the markets of major coins like bitcoin and ether? Tell us in the comments section.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, celio messias silva

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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