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Crypto

Nomic Bug Exposes Risks in Custom-Code Blockchain Tokens

Guavy AI Editorial Team
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BTC
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A critical software bug in Nomic's system allowed an attacker to mint 39.84 unbacked nBTC, resulting in a 36% deficit in the backing of Osmosis's Alloyed BTC fund.

The exploit occurred on June 25 and went unnoticed for 74 days until Osmosis discovered it and froze related deposits and withdrawals.

Osmosis has locked 22.65 BTC from the attacker's wallet and plans to propose governance actions to seize these assets and restore full backing of Alloyed BTC.

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