Nomad Releases Cross-Chain Bridge Restart Plan

Cross-chain interoperability protocol Nomad released its cross-chain bridge restart plan, saying it has made major code changes in order to support its planned bridge restart. This includes: fixes for the exploit vulnerability, patches to the bridge GUI, handling of recovered funds. More on each of these and code release following audit completion. Nomad said that bridging back madAssets for recovered funds isn't a straightforward process. Users will follow the following process: 

• Step 1: Bridge back. Users will be able to bridge back madAssets to Ethereum and receive a unique NFT that accounts for the type and quantity of asset that is bridged back. (Ex: 100 USDC) 
• Step 2: Use NFT. The NFT grants access to a portion of that asset equal to the percentage of the asset that is recovered. In addition, users must be added to an allowlist in order to get recovered funds. Recovered funds will be accounted for on a token by token basis. Tokens that were returned in a different form than they were taken will be unwound. Nomad will work with its blockchain forensic firm partners to identify which tokens were affected.