{"id":65278,"date":"2022-08-03T12:08:32","date_gmt":"2022-08-03T09:08:32","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=65278"},"modified":"2025-09-06T19:03:18","modified_gmt":"2025-09-06T16:03:18","slug":"nomad-cross-chain-protocol-hack-losses-estimated-at-8-9-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/nomad-cross-chain-protocol-hack-losses-estimated-at-8-9-million\/","title":{"rendered":"Nomad cross-chain protocol hack losses estimated at $8.9 million"},"content":{"rendered":"<p>The losses of users of the Nomad cross-chain bridge in the Cosmos ecosystem as a result of the hacker attack amounted to $8.85 million. The team is working to restore the project&#8217;s liquidity.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">4\/4 Read the article on KeepingUpWithCosmos for more details.<\/p>\n<p>Be careful trading anything on Evmos. Remember, all USDC on Evmos is potentially worth nothing right now.<a href=\"https:\/\/t.co\/3VkyNBXEP4\">https:\/\/t.co\/3VkyNBXEP4<\/a><\/p>\n<p>\u2014 John Galt (@lurkaroundfind) <a href=\"https:\/\/twitter.com\/lurkaroundfind\/status\/1554417810515828737?ref_src=twsrc%5Etfw\">August 2, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The developers explained their calculations by valuing the assets that were locked in the protocol at the moment of the breach on August 2.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"481\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-702-1024x481.png\" alt=\"Nomad cross-chain protocol hack losses estimated at $8.9 million\" class=\"wp-image-180722\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/1-702-1024x481.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/1-702-300x141.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/1-702-768x361.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/1-702.png 1062w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Nomad.<\/figcaption><\/figure>\n<p>Actual losses could have reached $190 million, as wrapped USDC on the Evmos network lost their value due to token theft from the project&#8217;s address on the Ethereum blockchain. A similar situation occurred with other wrapped assets.<\/p>\n<p>According to <a href=\"https:\/\/defillama.com\/protocol\/nomad\">DeFi Llama<\/a>, <span data-descr=\"volume of locked assets\" class=\"old_tooltip\">TVL<\/span> of the project stands at $98,263. Before the attack, the metric exceeded $180 million.<\/p>\n<p>The team expects to recover a portion of the stolen funds. Many users took advantage of the vulnerability, but some did so to safeguard part of the project&#8217;s assets. They expressed willingness to return the funds in the future.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">Please note \u2014 this is the ONLY official funds recovery address. If you have any questions or want to confirm, please email recovery@nomad.xyz<\/p>\n<p>\u2014 Nomad (\u292d\u26d3\ud83c\udfdb) (@nomadxyz_) <a href=\"https:\/\/twitter.com\/nomadxyz_\/status\/1554679738429366272?ref_src=twsrc%5Etfw\">August 3, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The developers estimate they will be able to return 10, 20 or 30 cents for every stolen dollar. They declined to give a precise assessment.<\/p>\n<p>The incident did not affect CW-20 tokens on the Evmos network, nor the project\u2019s own EVMOS tokens. It was the cross-chain protocol that was hacked, not the blockchain itself.<\/p>\n<p>Many users after the attack mass-converted USDC and other Ethereum assets into EVMOS. This led to substantial volatility in the latter. According to CoinGecko, the token price surged more than threefold\u2014from $1.40 to $4.79\u2014before returning to around $1.48.<\/p>\n<p>In April, the Nomad cross-chain bridge developers raised $22 million in a seed round led by Polychain Capital.<\/p>\n<p>Earlier, on June 24, the Harmony blockchain platform reported an attack on the Horizon cross-chain bridge, in which attackers stole assets worth around $100 million.<\/p>\n<p> Read ForkLog\u2019s bitcoin news in our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 news, rates and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The losses of users of the Nomad cross-chain bridge in the Cosmos ecosystem as a result of the hacker attack amounted to $8.85 million. The team is trying to restore the project&#8217;s liquidity.<\/p>\n","protected":false},"author":1,"featured_media":65279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Nomad cross-chain bridge losses total about $8.9 million, with liquidity restoration efforts underway.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,1650],"class_list":["post-65278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-nomad"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"Nomad cross-chain bridge losses total about $8.9 million, with liquidity restoration efforts underway.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/65278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=65278"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/65278\/revisions"}],"predecessor-version":[{"id":65280,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/65278\/revisions\/65280"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/65279"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=65278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=65278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=65278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}