Cross-chain protocol Nomad Bridge was exploited for $190 million in early August 2022. Now, developers who plan to reboot will provide partial refunds to users affected by this exploit.
According to the Nomad team in a recent blog post, the Nomad protocol team identified the vulnerability that caused the attack and upgraded the Nomad protocol to fix it. With this upgrade, users would even be able to restore madAssets and access a particular share of the recovered funds.
Considering the scope of the changes made, it would not be wrong to say that the smart contracts will be under complete control, and the review of all improvements has been completed. A summary of a specific part of Nomad Bridge’s audit will be made public in the coming weeks, the developer team said.
If former Nomad Bridge users want a refund, they must apply for a refund. For this, he must complete the Know Your Customer (KYC) procedure using CoinList. Completing the KYC procedure is crucial to verify that payments comply with compliance norms, the team explained.
When Nomad Bridge users complete the KYC process, they will receive an NFT proving and explaining their proportional share of their recovered funds in Ethereum. These NFTs are non-transferable, and users will also be able to receive their recovered funds in the future thanks to these NFTs.
