After a $190 million hack, Nomad was able to relaunch the token bridge, which will help them better protect against future attacks.
Nomad is entering the market again, despite recent challenges and concerns. After the Token Bridge hack in August, they’ve published a three-step relaunch plan featuring partial refunds to affected users.
On Wednesday, Nomad announced the relaunch of its Bridge service via a Medium post. Because of a $190 million attack that occurred in August, the Bridge protocol is set to re-enter the market with portions of funds refunded to users who have yet to receive it.
The team has been looking for solutions since their funds were hacked earlier this year, and they’re ready to give investors a safe way to continue building their business. The Nomad Token Bridge will be making its return after being offline since August.
The Nomad team has a three-step plan that will be released during the relaunch. It includes upgrading the Nomad protocol and compensating those who have been affected. Once this is finished, users will need to complete the KYC verification process.
1/ The Nomad team would like to share a more in-depth guide on how the bridge relaunch will actually work: https://t.co/ukwRsxV8em
Before the bridge relaunches and users will be able to mint their NFTs, we’d like to kick off the KYC/KYB verification process. Here’s how 👇
— Nomad (⤭⛓🏛) (@nomadxyz_) December 7, 2022
Nomad is upgrading its protocol to address the vulnerability that caused it to be hacked. This will allow users to bridge back madAssets to Ethereum and get a ‘unique NFT’ equivalent to the type and amount of asset they are eligible to bridge back.
The Nomad team revealed that the number of recovered funds would be determined based on the proportion of funds recovered to total funds. Developers explained the rate in the following example:
“If 10% of the total ETH has been recovered, and Alice has an NFT that accounts for 20 ETH (what she originally bridged from Ethereum), Alice will be able to use her NFT to access 2 ETH.”
