nomad bridge, defi, hack

Image Source: Nomad

Cross-chain messaging protocol Nomad, which was exploited for $190 million back in August, is preparing to relaunch and provide partial refunds to affected users.

In a recent blog post, the Nomad protocol team announced that the project had upgraded the Nomad protocol to fix the vulnerability that caused the hack and to allow users to bridge back madAssets and access a pro-rata share of recovered funds.

The team added that they implemented a redesign for the token bridge and the “first people to bridge back their madAssets would receive canonical tokens on a one-to-one basis until there were no canonical tokens left.”

Furthermore, the team has implemented protocol changes to give users the ability to bridge back and access a pro-rata share of recovered funds, ensure the tokens accessed from bridging back are in the original token and provide a mechanism for impacted users to access future recovered funds.

“Given the scope of these changes, a full audit of the smart contracts was completed along with an additional re-review of any remediations with our auditors. We expect to be able to share a summary of the audit publicly in the upcoming weeks,” the team said. 

Meanwhile, users need to complete the Know Your Customer (KYC) verification process via CoinList in order to apply for reimbursements. Nomad has said that the process is crucial in order to verify the payments adhere to the compliance norms.

Users will get an NFT that accounts for the proportional share of recovered funds on Ethereum after completing the KYC process. Moreover, the NFTs are non-transferable and will allow users to receive the remaining funds that are recovered in the future.

As reported, Nomad, which allows users to send and receive tokens between different blockchains, was drained of around $190 million earlier this year after experiencing a security exploit that allowed bad actors to spoof messages. 

At the time, Sam Sun, Head of Security at Paradigm, the hack was possible because “the Nomad team initialized the trusted root to be 0x00” during an upgrade, which had the “side effect of auto-proving every message.” 

“This is why the hack was so chaotic – you didn’t need to know about Solidity or Merkle Trees or anything like that,” Sun added. “All you had to do was find a transaction that worked, find/replace the other person’s address with yours, and then re-broadcast it.” 

TECH NEWS RELATED

French Police Catch ‘Crypto Scammers’ Who Lured Victims with ‘Suitcases’ of ‘Cash’

Source: Maksym Dykha/Adobe French prosecutors say they have shut down two crypto scammers who used “suitcases” full of counterfeit cash to trick crypto investors into handing over tens of thousands of dollars worth of bitcoin (BTC), USD coin (USDC), and ethereum (ETH). France Blue reported that the two men ...

View more: French Police Catch ‘Crypto Scammers’ Who Lured Victims with ‘Suitcases’ of ‘Cash’

The Knights Who Say Nah are Turning Historical Artifacts Into NFTs

Since non-fungible tokens (NFTs) first appeared, the majority of attention has focused on their role in the multimillion-dollar digital art market. But now, NFTs are exploring new avenues. The Knights Who Say Nah is a pioneering NFT project, billing itself as a “multi-platform media company.” Its aim is to combine ...

View more: The Knights Who Say Nah are Turning Historical Artifacts Into NFTs

Threat Protection: a lightweight antivirus solution and ad blocker from NordVPN

Disclaimer: The following article is part of Cryptonews Deals Series and was written as a promotional article in collaboration with the sponsor of this offer. If your company has an exclusive promotion that you would like to share with our readers, we invite you to reach out to us. Let’s ...

View more: Threat Protection: a lightweight antivirus solution and ad blocker from NordVPN

Get In on the Ground Floor With RobotEra, the New Metaverse Crypto Platform – Next 10x Presale?

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. New Sandbox-like project RobotEra is set to be the market leader in metaverse gaming, with its TARO token presale already raising over $525,000 in less than two months. ...

View more: Get In on the Ground Floor With RobotEra, the New Metaverse Crypto Platform – Next 10x Presale?

Dogecoin Price Prediction as CNBC’s Jim Cramer Says DOGE is About to Collapse – Best Inverse Indicator?

DOGE eyes next area of support. Source: TradingView DOGE, the native cryptocurrency that powers the Dogecoin blockchain, was last changing hands about 4.5% lower on the day on Monday just to the south of the $0.09 level, extending on Sunday’s 3.6% decline. Though Dogecoin has managed to recover from ...

View more: Dogecoin Price Prediction as CNBC’s Jim Cramer Says DOGE is About to Collapse – Best Inverse Indicator?

US Justice Dept Mulling Criminal Charges Against Binance Founder CZ: Report

Discussions between Binance attorneys and Department of Justice officials have reportedly included potential plea deals.

View more: US Justice Dept Mulling Criminal Charges Against Binance Founder CZ: Report

Why IMPT, Orbeon Protocol (ORBN), and MiniFootball are set to rally in the end of 2022

Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content. 2022 hasn’t been the best year for cryptocurrency. From November 2021 to November 2022, the market decreased in value from $3 trillion to around $900 billion, with most cryptocurrencies losing over 70% of their value.  As ...

View more: Why IMPT, Orbeon Protocol (ORBN), and MiniFootball are set to rally in the end of 2022

Former SEC Regulator: Binance's Proof of Reserves Audit 'How I Define Red Flag’

The compliance veteran said Binance’s report didn't address internal financial controls and that it lacks an “assurance conclusion.”

View more: Former SEC Regulator: Binance's Proof of Reserves Audit 'How I Define Red Flag’

Tron's Justin Sun 'Deploying More Capital' to Arrest Stablecoin USDD's Slide

Crypto Mining Investments in Cuba Have Been Severely Impacted by Constant Power Blackouts

Punt Casino No Deposit Bonus and Review

World Cup is more exciting with Welcome bonus up to 5,000 USDT from Coinplay

Arkansas Electric Utility to Offer Energy Sweetener to Battered Crypto Miners

Oryen Network Investors Confident After Audit and Community Growth Similar To Shiba Inu and Binance Coin

TrustDice Promo Codes and Review

S Korean Prosecutors Say Do Kwon Is in Serbia, Terra Luna Classic Takes a Tumble

US Senator Jon Tester Sees ‘No Reason’ Why Cryptocurrencies Should Exist – Regulation Coming?

South Korean Authorities Say Terraform Labs CEO Do Kwon in Serbia: Report

Ethereum Price Prediction – Can ETH Reach $3,000 by 2023?

Sam Bankman-Fried Wants to Start a New Business to Pay Back Victims of FTX Collapse – This is What You Need to Know

OTHER TECH NEWS

Top Car News Car News