GeroWallet Update Regarding Nomad Protocol Exploit
We are very sorry for everyone impacted by the Nomad exploit. This is certainly a troubling and stressful time for everyone involved. Immediately after the exploit was known, we took quick actions to safeguard internal and community funds. We truly hope things will turn out the best for all projects and users affected by this incident. As GeroWallet we remain available and willing to help Nomad in any way with recovery.
What we know happened:
On August 1, 2022 Nomad protocol cross-chain bridge suffered an incident reported by Nomad via their Twitter:https://twitter.com/nomadxyz_/status/1554246853348036608.
Investigation shows a total of 58,815,041 of $GERO tokens on the Ethereum blockchain were removed from the bridge by 3rd parties. Still awaiting confirmation on the exact total from Nomad.
Many of the tokens removed from the Nomad bridge were then swapped for other assets via UniSwap.
At the time of the exploit, Paladin Blockchain Security recovered 19,492,853 tokens.
What was done to mitigate damage:
Nomad protocol ceased function of the bridge.
Iagon ceased function of their bridge UI.
Milkomeda removed $GERO tokens from the UI as well as disable it from the contract.
We removed any of our owned liquidity from Cardano DEXs and suggested liquidity providers to remove liquidity to be as safe as possible.
What will happen next:
We wait for Nomad to share official announcements with their investigation in collaboration with chain analysis/intelligence firms and law enforcement to trace funds.
Tokens recovered by Paladin Blockchain Security will be returned to the GeroWallet team.
We will share our strategy to ensure all token holders prior to the exploit will be able to exchange at a 1:1 ratio for the Cardano token.
What does this mean?
Do not engage with any trading of the $GERO Ethereum contract. The Ethereum token is not supported.
The Iagon bridge and/or Nomad bridge will not be available to bridge $GERO tokens. We will provide an alternative solution for $GERO token holders prior to the exploit.
Ethereum Wallet addresses that held the Ethereum $GERO token at the time before the exploit are eligible to exchange their tokens for Cardano $GERO tokens at a 1:1 ratio. Snapshot is taken to confirm holders before the exploit. More details on how that will work will be shared in the near future.
The circulating supply of $GERO is not altered or affected in any way. It remains the same.
The Cardano $GERO tokens have not been directly affected as a result of the nomad bridge exploit. There is no known concern regarding trading of the Cardano $GERO tokens via SundaeSwap, Minswap, or MuesliSwap.
Please review announcements, and pinned messages in the socials. Stay tuned for more information from both us and Nomad.
