Nomic Chain
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anchored·5iUE7B…6fbTSummary
Nomic Chain is a layer-1 blockchain built on a custom Rust-based stack that provides a decentralized, non-custodial Bitcoin bridge to the Cosmos ecosystem, issuing nBTC as an IBC-compatible 1:1 Bitcoin-backed token. In September 2026, a double-spend vulnerability in Nomic's custom IBC forwarding mechanism was publicly disclosed after going undetected for 74 days. The exploit allowed an attacker to mint approximately 40.65 unbacked nBTC, leaving roughly 36% of Osmosis's alloyed BTC (allBTC) without legitimate Bitcoin reserves, causing an estimated $3.15 million in losses and prompting Osmosis to freeze allBTC operations and pursue governance-driven recovery.
Connected Entities
1 entityNo connected entities recorded yet — this investigation is not currently linked to any other page in the index.
Timeline(10 events)
1 January 2018
Nomic development begins by early Cosmos contributors at Turbofish, led by CEO Matt Bell.
Blockworks1 January 2023
Nomic Stakenet launches, releasing NOM staking token via ATOM airdrop and activating the nBTC Bitcoin bridge.
Nomic DAO Foundation blog1 January 2024
Nomic's official social media account publishes its last post, according to later reporting by Protos. GitHub commit activity also reportedly ceases around this period.
Protos25 June 2026
Attacker exploits a double-spend vulnerability in Nomic's custom IBC forwarding mechanism, beginning to mint approximately 40.650602 unbacked nBTC across approximately 25 cross-chain transfers to Osmosis.
Protos17 July 2026
Additional exploit activity occurs. The attacker converts 22.65060846 nBTC to allBTC on Osmosis; these funds remain unmoved in the attacker's address at time of disclosure.
CryptoSlate17 July 2026
On-chain researcher Rarma later traces approximately 671.1 ETH in liquidated proceeds to Tornado Cash via Ethereum, representing roughly $1 million in cashed-out funds.
Blockfence6 September 2026
Nomic ceases producing Bitcoin checkpoints, triggering investigation by Osmosis into its reserves.
CryptoTimes9 September 2026
Osmosis issues official statement at approximately 09:48 UTC disclosing the exploit. Osmosis suspends all allBTC minting, redemption, deposits, and withdrawals. An emergency upgrade freezes 22.65 BTC in the attacker's address.
CryptoTimes9 September 2026
Multiple crypto news outlets report the incident. Osmosis outlines two-step governance recovery plan: seize frozen attacker BTC and draw ~17.19 BTC from community pool to restore 1:1 allBTC backing.
CryptoSlateDecision Log
- hash: 8DhAo4Pq74R82r5EQFic2KR3yaK2aXBdHSN9pxMQnFh9
This investigation is cryptographically anchored to the Solana blockchain (1 event). 0 of 9 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 9/20/2026, 5:03:07 PM
last updated: 9/20/2026, 5:03:25 PM
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