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The loss of users of the Nomad cross-chain bridge in the Cosmos ecosystem as a result of a hacker attack amounted to $ 8.85 million. The team is
The loss of users of the Nomad cross-chain bridge in the Cosmos ecosystem as a result of a hacker attack amounted to $ 8.85 million. The team is trying to restore the liquidity of the project.
4/4 Read the article on KeepingUpWithCosmos for more details.
Be careful when trading on Evmos. Remember, all USDC on Evmos is currently potentially worthless.https://t.co/3VkyNBXEP4
— John Galt (@lurkaroundfind) August 2, 2022
The developers announced their calculations on August 2, estimating the assets blocked in the protocol at the time of the attack.
The real loss could have been $190 million as USDC wrapped in the Evmos network lost its value due to the theft of tokens from the project’s address on the Ethereum blockchain. A similar situation arose for other wrapped assets.
According to DeFi Llama, the TVL of the project is $98,263, which before the attack exceeded $180 million.
The team is waiting for some of the stolen funds to be returned. Many users exploited this vulnerability, but some used it to secure some of the project’s assets. They have expressed their desire to return the funds in the future.
Please note – this is the ONLY official fund recovery address. If you have any questions or want to confirm, please email recovery@nomad.xyz.
— Nomad (⤭⛓🏛) (@nomadxyz_) August 3, 2022
The developers hope that they will be able to refund 10, 20 or 30 cents for every stolen user dollar. They found it difficult to make a specific assessment.
The incident did not affect both the CW-20 standard tokens in the Evmos network and the native tokens of the EVMOS project. The cross-chain protocol was hacked, not the blockchain itself.
After the attack, many users have largely converted their USDC and other Ethereum assets to EVMOS. This led to significant volatility of the latter. According to CoinGecko, the price of the token more than tripled from $1.4 to $4.79 in an instant before returning to $1.48.
In April, Nomad cross-chain bridge developers raised $22 million in a seed round led by Polychain Capital.
Recall that on June 24, the Harmony blockchain platform reported an attack on the Horizon cross-chain bridge, as a result of which the attackers stole about $ 100 million worth of assets.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
