Osmosis said it has paused minting and redemption for its BTC synthetic asset, alloyed BTC, after an incident involving Nomic’s nBTC cross-chain bridge. Deposits and withdrawals tied to the product have also been suspended. According to the team, 30% of BTC on Osmosis is backed by nBTC. Osmosis added that a full incident report and a recovery plan will be released as soon as possible. The team also noted that BTC can still be traded in liquidity pools on the platform for now, while warning users to stay aware of the risks.
Osmosis said on X that it has suspended minting and redemption for alloyed BTC, its BTC synthetic asset, following an incident involving Nomic’s nBTC cross-chain bridge. Deposit and withdrawal functions have also been paused.
According to Osmosis, 30% of BTC on the platform is backed by nBTC. The team said it will publish a full incident report and a recovery plan as soon as possible.
Osmosis also warned users that BTC remains tradable in liquidity pools on the platform at this stage, and said users should be aware of the risks.
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