White hats are the great Samaritans within the hacking group — those who exploit loopholes or safety methods to be able to expose potential weaknesses that want bolstering. At the start of this month, the importance of these individuals to the crypto ecosystem was highlighted after a blockchain switch firm, Nomad, fell prey to what was the first decentralized hack within the trade. Near $200 million was stolen after a single hacker was capable of exploit a loophole within the firm’s good contracts. The exploit was simply replicable by different attackers, ensuing within the platform being drained in below a day.

With a view to each reward and incentivize a few of the supposed white hat hackers that took half within the exploit, Metagame, an NFT company, created a literal white hat NFT for many who return 90 p.c of their funds.

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