Damage from hacking the Nomad cross-chain protocol was estimated at $8.9 million

The losses of users of the Nomad cross-chain bridge in the Cosmos ecosystem as a result of a hacker attack amounted to $8.85 million. The team is trying to restore the liquidity of the project.

The developers explained their calculations by evaluating those assets that were blocked in the protocol at the time of the hacking on August 2.

The actual losses could amount to $190 million, since the wrapped USDC in the Evmos network lost its value due to the theft of tokens from the project address in the Ethereum blockchain. A similar situation has arisen for other wrapped assets.

According to DeFi Llama, the project’s TVL is $98,263. Before the attack, the figure exceeded $180 million.

The team is counting on the return of part of the stolen funds. Many users took advantage of the vulnerability, but some did it to secure part of the project’s assets. They expressed their willingness to return the funds in the future.

The developers expect that they will be able to return 10, 20 or 30 cents for every stolen dollar of users.

They found it difficult to give a specific assessment.

The incident did not affect both the CW-20 tokens on the Evmos network and the EVMOS project’s own tokens. The cross-chain protocol was hacked, not the blockchain itself.

After the attack, many users massively converted USDC and other Ethereum assets into EVMOS. This led to significant volatility of the latter. According to CoinGecko, the price of the token at the moment jumped more than three times — from $1.4 to $4.79 — before returning to $1.48

In April, the developers of the Nomad cross-chain bridge raised $22 million following a seed round led by Polychain Capital.

Recall that on June 24, the Harmony blockchain platform reported an attack on the Horizon cross-chain bridge, as a result of which attackers stole assets worth about $ 100 million.

The losses of users of the Nomad cross-chain bridge in the Cosmos ecosystem as a result of a hacker attack amounted to $8.85 million. The team is trying to restore the liquidity of the project. The developers explained their calculations by evaluating those assets that were blocked in the protocol at the time of the…