$286M NES Token Exploit Fallout: Winners and Losers Emerge
Nesha's NES token returned to trading on Binance Alpha and Kraken after being suspended due to a security incident that occurred on August 24th. The incident, which resulted in an estimated $286M loss, has left some NES holders with unclear instructions for recovering their tokens.
Binance Alpha is using two snapshots to separate eligible 1:1 swaps from refunds on its platform. Eligible users must have held NES before August 24th at 14:51 UTC and also had an eligible portion when trading was suspended on September 5th at 04:00 UTC. Any additional NES acquired after the cutoff date is excluded from the 1:1 swap.
Kraken, on the other hand, has migrated NES to a new Ethereum contract, while BNB-chain funding will remain disabled. Kraken's incident page states that NES would be supported only through Ethereum going forward.
However, self-custodied holders of NES should not assume that the exchange-managed actions apply to their tokens. Nesa's public official site and general wallet documentation do not provide incident-specific self-custody migration steps, leaving holders without clear instructions for recovering their tokens.