The Nomad protocol will allow users to bridge back madAssets and access a pro-rata share of recovered funds.
After correcting the contract flaw that was the source of an August $190 million exploit, the Nomad token bridge has made an announcement about their relaunch manual.
The Nomad protocol will enable users to bridge back madAssets and access a pro-rata share of recovered funds, according to a blog post from December 7. According to the company, the token bridge was also redesigned because, without it, “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,” according to the company.
The team changed the protocol to allow users to bridge back and access a pro-rata share of recovered funds, ensure that the tokens accessed from bridging back are in the original token, and give impacted users a way to access future recovered funds in order to avoid this first-come, first-served strategy. The business declared:
“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.”
According to the blog post, users who want to access recovered funds must go through a Know Your Customer and Anti-Money Laundering verification process and link their wallet addresses to their CoinList accounts.
After successfully completing the first step, users will be able to bridge back madAssets to Ethereum and receive a special nonfungible token that accounts for the kind and amount of assets that can be bridged back.
The recovered percentage will be used to determine how much of a bridged asset the NFT will provide access to. As it has previously reported, malicious actors were able to steal money from Nomad’s smart contracts in August by exploiting a security flaw.
Following the hack, hundreds of copycats joined the group, using the same code but changing the recipient addresses, token amounts, and target tokens, according to a Coinbase analysis.
Token transfers between Avalanche, Ethereum, Evmos, Milkomeda C1, and Moonbeam are possible through the Nomad bridge. Only 20% of the stolen money, or around $37 million, has been found as of August. The company’s official website still requests token returns from white hats.
