Nomad Releases Recovery Plan, Will Complete Cross-Chain Bridge Upgrade in Late September

Aug 18,2022
KingData News: Nomad, the cross-chain interoperability protocol, has released a recovery plan that will begin by working with Web3 Security and law enforcement to recover stolen funds, and expects to launch an upgraded cross-chain bridge and equitable distribution of recovered funds in late September. On August 1st, the Nomad token bridge was hacked for more than $186M. About 20% of funds (over $37M) has been recovered to-date.
On August 2, crypto KOL 0xfoobar posted that the cross-chain solution Nomad had been hacked, and that WETH and WBTC were being transferred out at a rate of millions of dollars each, leaving $126 million in the contract potentially at risk.
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