đ NES Hack & Migration â What I Found
Iâve 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:
đŽ Old side: ~62.904M NES was sent to the Null Address, effectively removing the tokens.
đą New Ethereum contract: ~62.904M NES was minted from the Null Address â 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 â liquidity isolated â old supply removed â new Ethereum contract â corresponding NES created â Gnosis Safe â new liquidity rebuilt â exchanges migrate â trading resumes.
Iâm 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.
â ïž However, Iâm not saying everything is fixed yet.
The biggest confirmation will be when users can:
BUY â SELL â DEPOSIT â WITHDRAW
normally again, with healthy liquidity.
For now, the matching ~62.9M NES movements are the biggest clue Iâve found.
Iâll keep watching the wallets, liquidity and migration activity.
DYOR. Not financial advice.
#NES #Nesa #Ethereum #DeFi @CZ #CosmosEVM
Iâve 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:
đŽ Old side: ~62.904M NES was sent to the Null Address, effectively removing the tokens.
đą New Ethereum contract: ~62.904M NES was minted from the Null Address â 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 â liquidity isolated â old supply removed â new Ethereum contract â corresponding NES created â Gnosis Safe â new liquidity rebuilt â exchanges migrate â trading resumes.
Iâm 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.
â ïž However, Iâm not saying everything is fixed yet.
The biggest confirmation will be when users can:
BUY â SELL â DEPOSIT â WITHDRAW
normally again, with healthy liquidity.
For now, the matching ~62.9M NES movements are the biggest clue Iâve found.
Iâll keep watching the wallets, liquidity and migration activity.
DYOR. Not financial advice.
#NES #Nesa #Ethereum #DeFi @CZ #CosmosEVM