By
Temitope Olatunji
April 24th, 2024
Users must verify they own the non-custodial wallet before associating the account with Wallet Link.
Token sale platform, CoinList, has announced a new feature, Wallet Link, for some of its exclusive partners. Wallet Link allows users to link their on-chain identities to their CoinList verified identities.
The launch of the new feature forms part of a campaign to help users who lost their funds in the Nomad Bridge hack recover them. Nomad lost over $180 million after its cross-bridge was hacked in August. The company recovered about $37 million, amounting to 20% of the stolen funds.
Last week, the protocol announced it had fixed the smart contract vulnerability that the hackers exploited. It then noted it would bridge back madAssets to Ethereum once it quantifies the type and quantity of assets. Users who want to access their stolen funds should link their wallet addresses and complete their KYC and AML requirements.
Users will be able to bridge back madAssets to Ethereum after completing the first step and receive a unique nonfungible token that accounts for the type and quantity of assets that can be bridged back.
How Wallet Link Works
Using Wallet Link, users must show proof of ownership of the wallet addresses affected b the Nomad bridge hack and get a refund of their stolen funds.
To opt for Wallet Link, users must verify they own the non-custodial wallet before associating the account with Wallet Link. In return, users will get early access to several opportunities involving the CoinList community. Users can also delete any wallet addresses linked to their accounts whenever they want.
CoinList plans to combine Karma with Wallet Link to help protocols choose and organize an engaged community with on-platform and on-chain identities. This feature can prove very handy with partner projects where there is a need to engage with the initial user community. It will help separate users into categories so projects can distribute their tokens appropriately.
Using this approach, projects can allocate more resources to the initial token distribution since they know from the engagements how the users are committed to the protocol’s growth
CoinList Addresses FUD
Meanwhile, CoinList recently addressed concerns that it was going into bankruptcy. The firm stated it was not illiquid or insolvent, noting it paused withdrawals due to ‘custodian issues’.