Nomad Bridge is set to relaunch and partially compensate the users affected by the $190 million exploit earlier in 2022, according to an announcement on Medium. Users can go through the KYC verification process to receive their compensation through a special NFT, the protocol explained. Cross-chain messaging protocol Nomad is preparing to restart its bridge and reimburse those who lost funds following the $190 million hack in August, according to the announcement. The Nomad team said it “has been working hard on recovering funds and making the necessary updates to safely relaunch the Nomad Token Bridge.” To apply for reimbursements, users must complete the Know Your Customer (KYC) verification process via CoinList. Nomad explains the process plays a vital role in ensuring the payments adhere to the compliance norms. “In order to access recovered funds, all users must successfully complete the KYC/AML verification process and link their wallet address(es) to their Coinlist account. This is necessary so we can be certain that recovered funds are accessed in a compliant manner.” After completing the verification process, users will receive a unique non-fungible token (NFT) that accounts for the proportional share of recovered funds on Ethereum. Further, these tokens are non-transferable and will allow users to receive the remaining funds that are recovered in the future.
Read more : Nomad Bridge to Relaunch and Provide “Partial” Refunds via NFTs.
