Unbacked nBTC minted on Nomic reaches Osmosis pools

What happened

An attacker minted 40.650602 nBTC with no Bitcoin behind it through 25 identical IBC transfers in a single Nomic transaction on 25 June 2026, and 39.839746 BTC-equivalent of it reached the Alloyed BTC transmuter on Osmosis. The mint surfaced in September: an emergency upgrade froze 22.650608 allBTC in the attacker’s account, 56.9% of the shortfall, and Alloyed BTC operations were suspended.

Osmosis’s 10 September forum post sets out the position: roughly 18 BTC-equivalent left through Tornado Cash ahead of the freeze, and the community pool’s 12.4838 allBTC is proposed toward restoring the peg. DefiLlama dates the incident to its 9 September disclosure and logs it at $3.15m as an unbacked cross-chain mint.