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DeFi

The Nomad Bridge Is Now Relaunched

December 21, 2022 - Around 3 mins mins to read

Key Points:

  • The Nomad Bridge is now relaunched. It will allow madAsset holders to access recovered funds via the upgraded bridge.
  • Since the Nomad Token Bridge hack, the team has been working hard on recovering funds and making the necessary updates to relaunch the Nomad Token Bridge safely.
  • The team states that the only chain impacted by the hack was Ethereum.
The Nomad Bridge has now been relaunched. Holders of madAssets will be able to use the updated bridge to retrieve their recovered funds after this relaunch.
image 1621

The team has been putting a lot of effort into recovering cash and implementing the required adjustments to properly restart the Nomad Token Bridge ever since the it was hacked. Here is a current summary of the three processes involved in the bridge relaunch process:

  • Upgrade Smart Contracts: Complete
  • KYC Verification: Open
  • Front-End Testing: Ongoing (TBC soon)

First-come, first-served was abandoned in favor of Nomad Token Bridge adjustments that would:

  • Give users the ability to bridge back and access a pro-rata share of already recovered funds ASAP;
  • Ensure the tokens accessed from bridging back are in the original token that users had originally sent to the Nomad Bridge; and
  • Provide a mechanism for impacted users to access future recovered funds if they become available.

There will be a 3-step procedure to enable impacted consumers to start bridging back:

  • Step 1: Submit KYC Information
  • Step 2: Bridge back and receive NFT
  • Step 3: Use NFT to access recovered funds
The Nomad Bridge Is Now Relaunched

Pro-rata shares of the recovered cash will be used to calculate the amount of recovered assets that customers will be entitled to access.

The team claims that Ethereum was the sole chain affected by the breach. This implies that users will only need to go through the KYC procedure in order to bridge back as usual if the tokens they crossed over the Nomad Token Bridge were canonical assets of a non-Ethereum chain or EVMOS.

As Coincu reported, the Nomad bridge experienced a security exploit that allowed hackers to systematically drain the bridge’s funds over a long series of transactions. Nearly the entire $190.7 million in crypto has been removed from the bridge.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

Evmos

madAsset

nomad bridge

Nomad Token Bridge

Avatar of Harold

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
DeFi

The Nomad Bridge Is Now Relaunched

Key Points:

  • The Nomad Bridge is now relaunched. It will allow madAsset holders to access recovered funds via the upgraded bridge.
  • Since the Nomad Token Bridge hack, the team has been working hard on recovering funds and making the necessary updates to relaunch the Nomad Token Bridge safely.
  • The team states that the only chain impacted by the hack was Ethereum.
The Nomad Bridge has now been relaunched. Holders of madAssets will be able to use the updated bridge to retrieve their recovered funds after this relaunch.
image 1621

The team has been putting a lot of effort into recovering cash and implementing the required adjustments to properly restart the Nomad Token Bridge ever since the it was hacked. Here is a current summary of the three processes involved in the bridge relaunch process:

  • Upgrade Smart Contracts: Complete
  • KYC Verification: Open
  • Front-End Testing: Ongoing (TBC soon)

First-come, first-served was abandoned in favor of Nomad Token Bridge adjustments that would:

  • Give users the ability to bridge back and access a pro-rata share of already recovered funds ASAP;
  • Ensure the tokens accessed from bridging back are in the original token that users had originally sent to the Nomad Bridge; and
  • Provide a mechanism for impacted users to access future recovered funds if they become available.

There will be a 3-step procedure to enable impacted consumers to start bridging back:

  • Step 1: Submit KYC Information
  • Step 2: Bridge back and receive NFT
  • Step 3: Use NFT to access recovered funds
The Nomad Bridge Is Now Relaunched

Pro-rata shares of the recovered cash will be used to calculate the amount of recovered assets that customers will be entitled to access.

The team claims that Ethereum was the sole chain affected by the breach. This implies that users will only need to go through the KYC procedure in order to bridge back as usual if the tokens they crossed over the Nomad Token Bridge were canonical assets of a non-Ethereum chain or EVMOS.

As Coincu reported, the Nomad bridge experienced a security exploit that allowed hackers to systematically drain the bridge’s funds over a long series of transactions. Nearly the entire $190.7 million in crypto has been removed from the bridge.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

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