Open letter to Nomad, its shareholders, and partners.

[EthicalInvestors]

Open letter to Nomad, its shareholders, and partners.

Investors & associates: Polychain, Circle, Coinbase, OpenSea, Ethereal Ventures, HackVC, 1kx,
Archetype, Algae, Crypto.com, Wintermute Trading, Gnosis, LaEce Capital0, Figment, Triblock,
A&T Capital, Breyer Capital, Polkadot, TokensoJ, Avalanche, Robot Ventures, Wave Financial
Group, DialecNc, Mina, LedgerPrime, Amber Group, Hypersphere Ventures, ConNnue Capital,
Gitcoin, Open Web CollecNve, A, Cosmos Network, CelesNa, The Graph, and more.
Partners: Moonbeam, Evmos, Cardano / Milkomeda, Moonwell, Connext network, StellaSwap,
EvmoSwap, Covalent, Cronus Finance, Milkomeda, Saddle Finance, Covalent, LI.FI,
Hummingbot, Centrifuge, Linear Finance, Diffusion Finance, ExSwap, SpaceFi, MyTrade, The
Graph, Superfluid, Aurora, and more.

Dear Nomad, its associates, and partners,

We are writing to express our concerns about the Nomad exploit that has impacted its
depositors/users, and the need for appropriate compensation. Many individuals have been
affected, causing significant distress and financial loss. ETH and USDC recovery rates are
low at only about 4% and 14% respectively, which is unacceptable.

Nomad has a duty to address this situation and find a solution to compensate users. We believe
that the company should use its treasury to provide compensation to users. While this may not
be an ideal solution for Nomad, it is the right thing to do to demonstrate the company's
commitment to addressing the issue.

We also recognize that professional investors and partners have direct access to Nomad
team and hold a significant portion of the assets lost in the hack. These victims should be
treated differently, and claims should be converted into equity, rather than receiving external
compensation. This approach will ensure that the majority of the funds are directed towards
individual users who lacked professional tools, knowledge, and access to Nomad's team.
Community working on simulations has developed plans to raise recovery rates of each coin to
approximately 60% on 40% of victims. This would require approximately $30 million,
which would serve as the first compensation. Nomad already raised $22.4M last year. We
request that Nomad provide a timeline for when users/depositors can expect to receive
compensation, to alleviate uncertainty and fear that users are currently experiencing. Strong
backers of the company, including Polygon, Circle, OpenSea, Coinbase, and Polychain,
would be valuable in finding a solution to the current situation and ensuring that users
receive the compensation they deserve.

If Nomad decides not to pursue bankruptcy proceedings, then the same principle should
apply. As Nomad users are considered depositors, they should have preferential access to
liquidation of any Nomad assets and treasury funds.
We anticipate your prompt response to address the concerns raised in this letter.
Sincerely,

Nomad victims and crypto community.

Additional context

No response