🔎 NES Hack & Migration — What I Found
I’ve been investigating the recent NES (Nesa) incident and found some interesting on-chain evidence.
On August 24, Nesa reported malicious activity involving an L1 vulnerability and said they were working on a fix and recovery.
I found:
🔴 Old side: ~62.904M NES was sent to the Null Address, effectively removing the tokens.
🟢 New Ethereum contract: ~62.904M NES was minted from the Null Address → Gnosis Safe.
The amounts are extremely close, and that Gnosis Safe now holds around 62.9M NES.
This makes the migration/recovery theory very interesting:
Exploit → liquidity isolated → old supply removed → new Ethereum contract → corresponding NES created → Gnosis Safe → new liquidity rebuilt → exchanges migrate → trading resumes.
I’m also seeing new NES/USDT & NES/USDC pools and activity through Uniswap V4, LI.FI and DEX aggregators, showing that the new ecosystem is being rebuilt.
⚠️ However, I’m not saying everything is fixed yet.
The biggest confirmation will be when users can:
BUY → SELL → DEPOSIT → WITHDRAW
normally again, with healthy liquidity.
For now, the matching ~62.9M NES movements are the biggest clue I’ve found.
I’ll keep watching the wallets, liquidity and migration activity.
DYOR. Not financial advice.
#NES #Nesa #Ethereum #DeFi @CZ #CosmosEVM
I’ve been investigating the recent NES (Nesa) incident and found some interesting on-chain evidence.
On August 24, Nesa reported malicious activity involving an L1 vulnerability and said they were working on a fix and recovery.
I found:
🔴 Old side: ~62.904M NES was sent to the Null Address, effectively removing the tokens.
🟢 New Ethereum contract: ~62.904M NES was minted from the Null Address → Gnosis Safe.
The amounts are extremely close, and that Gnosis Safe now holds around 62.9M NES.
This makes the migration/recovery theory very interesting:
Exploit → liquidity isolated → old supply removed → new Ethereum contract → corresponding NES created → Gnosis Safe → new liquidity rebuilt → exchanges migrate → trading resumes.
I’m also seeing new NES/USDT & NES/USDC pools and activity through Uniswap V4, LI.FI and DEX aggregators, showing that the new ecosystem is being rebuilt.
⚠️ However, I’m not saying everything is fixed yet.
The biggest confirmation will be when users can:
BUY → SELL → DEPOSIT → WITHDRAW
normally again, with healthy liquidity.
For now, the matching ~62.9M NES movements are the biggest clue I’ve found.
I’ll keep watching the wallets, liquidity and migration activity.
DYOR. Not financial advice.
#NES #Nesa #Ethereum #DeFi @CZ #CosmosEVM