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After A Big Crypto Theft Ethical Hackers Rescue Funds For Nomad

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After recovering more than $20 million so far, Nomad said the company is rewarding hackers up to 10 percent for getting user funds. NDTV reported on August 5.

According to a report by blockchain security firm PeckShield, ethical hackers aka white hat hackers, who protected the fund on behalf of cross-chain token Bridge Nomad during the crypto attack, have started returning funds to the wallet addresses belonging to the company. 

So far, about $9 million has been returned from big crypto theft, which is about 4.75 percent of the total loss. Following the attack on Nomad, in which more than $190 million of funds were stolen, the company published a wallet address on Wednesday to recover the token.

Etherscan’s data shows that the tokens returned so far include $3.75 million in USD Coins, $2 million in Tether, $1.4 million in Covalent Query tokens, and Frax $1.2 million (about Rs 9.5).

Most of the funds come from known Ethereum name service domain wallet addresses, and these individuals are among the 300 wallets participating in the hack. However, ethical hackers took quick action to ensure the safety of Nomad’s funds during the incident, when protocol requested the money back in a tweet after the attack.

The security firm has estimated that the three major addresses still hold about 50 percent of the stolen crypto. 10 percent of these hackers have ENS domain addresses and hold about $6 million in the stolen fund. The Nomad unit has verified that they are vigorously cooperating with legal agents and a top chain research enterprise, TRM Labs, to locate the funds.

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After recovering more than $20 million so far, Nomad said the company is rewarding hackers up to 10 percent for getting user funds.

Whitehat Hackers Returns $22 Million So Far

In the same concern, Cryptoslate also wrote on August 5, 2022, reporting that Nomad offers a 10% bounty to rescue stolen funds.

According to the report, Nomad informed a 10% bounty as actions to retrieve $190 million lost in the bridge influence persists. So far, whitehat pirates have repaid $22 million.

The bridge was emptied of $190.7 million on August 1 when a hacker robbed 100 wBTC worth $2.3 million. The exploit was replicated by hundreds of addresses which caught them acquiring a percentage of the hack.

According to the update, whitehats who retrieve up to 90% of the budgets to the authorized retrieval address will not be subjected to any lawful act.

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Cryptocurrency Trading Company Shut Down After Scamming Investors

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Cryptocurrency trading firm, Praetorian Group International Trading Inc has been shut down by US authorities. Due to a lack of insufficient cooperation with public interest and evidence, the crypto company has finally closed.

In this update, we will understand why the US government shut down the cryptocurrency company and what exactly happened. 

The Uk government told on October 27 that PGI Limited was shut down by the High court on September 13 and the Official receiver has been specified liquidator of the company.

The firm’s central business activity was the provision of crypto trading packets, blockchain education, and health products. Read More: 10 Trending Technology Now

Despite clashing accounts of the company’s trading movement delivered by two retired directors, it seems that the major business activity completed by PGI was the deal and acquisition of cryptocurrency.

Investors were pledged returns of up to 200%. But when these did not occur, investors were incapable to draw the funds they had invested.

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Three bank invoices were recognized as utilized by PGI and were operated to receive about £612,425 from its would-be investors between July 2020 and February 2021.

Charges from the accounts contained at least £195,000 delivered to personal accounts, and a £10,000 settlement to a luxury division.

PGI is said to be an aspect of the Praetorian Group International Trading Inc. Its website has been seized by the US Department of Justice and US Department of the Treasury following a stroke warrant given by the US District Court of the Eastern District of Virginia.

Uk government report noted in a statement that the firm’s director, Ramil Ventura did not cooperate with the Insolvency Service investigation.

The High Court decided that closing down the firm was in the public appeal, given the deficiency of cooperation, neglect to maintain, conserve and provide sufficient accounting records, and lacking transparency.

Chief Investigator, Mark George said that businesses and individuals working under the limited protection need to comply with the requirements of the Companies Act.

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This case emphasizes that the court will take a dark perspective if they are found to failure co-operating with the public interest and in trading practices.

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Cryptocurrency Exchanges Has Been Legal In Kazakhstan

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Cryptocurrency exchanges have been legal in Kazakhstan now. Presenting a report for the foremost lawful crypto operation in Kazakhstan, Kassym Jomart Tokayev, the president of Kazakhstan opens the path.

Considering teenage, such digital assets service is legalized in Kazakhstan. Being the first cryptocurrency movement in the Eurasian continent, it will open up new digital ways to make money

To regulate cryptocurrency exchanges, Kazakhstan is allowed under pilot rules under with conditions. To be part of the pilot project, crypto exchanges must have a credit card and banks must apply for membership. According to the report, the crypto regulatory framework was designed following the highest global benchmark, delivering dedicated control of transactions and the safety of customer funds.

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Eurasian Bank reported that it was preparing to purchase a crypto card in Kazakhstan. Once this is done, people of the nation can manage their expenses with a Bitcoin cash card.

Read Also:

How To Get Free Ethereum?

Crypto.com Starts Regulating Stock Market In France

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Crypto.com Now Starts Regulating Stock Market In France

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Crypto.com now gets another regulatory permission from the European government to start a stock market in France. Recently South Korea granted virtual assets service approval for crypto.com. Now it is evolving its liability globally.

Crypto dot com was founded in 2016, in Singapore. This crypto exchange got approval from the stock market regulator department of France.

The crypto firm was recorded as a DASP (Digital Asset Service Provider). Now it can deliver digital products & services that are under local regulations and laws.

In a report, it emphasized that ACPR completely investigated the company to lower the threat of money laundering and terror financing.

Crypto.com claims to have over 50 million users globally and it continues to extend throughout the globe, without caring volatile market situation too much.

Similarly, this crypto exchange was granted to regulate virtual currency and their digital wallet in Italy and Cyprus. It has also got a license in Greece and UK.

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Currently, crypto.com has a regulatory license from the Dubai Virtual Assets Regulatory Authority, The Monetary Authority of Singapore, the Cayman Islands Monetary Authority as well as South Korea. It will soon get full approval in Canada too.

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