Nomad restarts bridge after $190 million hack

    08 Dec 2022

    Cross-chain bridge Nomad plans to relaunch and partially reimburse those that lost funds in its $190 million hack in August. Meantime, the developer team has asked users to go through KYC verification to let bridge back their assets.

    “Since the Nomad Token Bridge hack, the team has been working hard on recovering funds and making the necessary updates to safely relaunch the Nomad Token Bridge,” the team said in a blog post.

    Nomad has asked affected users to go through Know Your Customer (KYC) verification via the CoinList launchpad platform to receive their reimbursements. Nomad’s team said the KYC process was needed to ensure the compliance norms for the payments.

    Once the verification process has been completed, users will receive a special NFT, granting them access to a proportional share of the recovered funds on the Ethereum blockchain. These NFT tokens will be non-transferable and will allow them to receive any additional funds that are recovered in the future.

    Cross-chain bridge protocol Nomad suffered a $190 million hack on August 3. According to crypto analytics firm PeckShield, $190 million worth of users’ funds in crypto were stolen, including Ether and USDC.

    Nomad, which raised $22 million this year from investors including Coinbase Ventures, OpenSea, and Capital, makes software that connects different blockchains. Ironically, Nomad described itself as a “security-first” business that would keep users’ funds safe, unlike its rivals.

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