Defrost Finance Recovers Stolen Funds, Will Repay Customers

DeFi TVL Drops, NFT Market Performs Poorly in November: DappRadar



Decentralized finance protocol Defrost Finance has recovered funds from the hacker involved in the V1 flash loan exploit.

In the latest blog post, Defrost said that it will soon start scanning the on-chain data to return the funds to their rightful owners. However, the platform said that it could take some time to distribute since different users had variable proportions of assets and debt, but assured that the process would be “concluded fairly swiftly.”

“Please be aware that the entire operation will be managed transparently using a new contract and that will allow the addresses of affected users to claim their fair share.”

The process involves converting all Ether into stablecoins, like Dai, at the on-chain market rate which will then be transferred from the Ethereum blockchain to Avalanche.
The team will then scan the on-chain data “to find out who owned what before the hack” following which details will be released.
Defrost also plans to deploy a smart contract to let users claim their assets back in stablecoins to the same addresses.
The platform said that it suffered its first attack using a flash loan wherein the perpetrator(s) drained funds out of its V2 product. A second larger attack used the owner key to exploit V1.
Initial loss was estimated to be around $12 million.
Blockchain investigator Peckshield speculated that it could be a potential case of rug pull.

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

Binance

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

You have not selected any currency to display

Pin It on Pinterest

Crypto-Moon
Ledger
Crypto-Moon
DeFi TVL Drops, NFT Market Performs Poorly in November: DappRadar
Binance
Bybit
Coinpedia - Fintech & Cryptocurreny News Media
Coinpedia - Fintech & Cryptocurreny News Media
Aave Sees Consistent Year-Long Uptrend in These Metrics as AAVE Price Rockets
Coinpedia - Fintech & Cryptocurreny News Media
Autoglyphs Set Fetches Record-Breaking $14.6 Million in Historic NFT Sale
Coinpedia - Fintech & Cryptocurreny News Media
BTCC
Changelly
VeChain Renaissance Overview: A Series of Major VeChainThor Upgrades Paving the Road to Blockchain Mass Adoption
Galaxy Digital sends over 10,000 Bitcoin from Satoshi-era stash to exchanges
Ethereum ETFs Attract $2.4 Billion in Six Days, Surpass Bitcoin Funds
Miner Weekly: Bitmain Funnels 187 Tons of Antminer Parts to Skirt US Tariffs
Crypto Market Retreats Amid Record Liquidity and Signs of Froth
VeChain Renaissance Overview: A Series of Major VeChainThor Upgrades Paving the Road to Blockchain Mass Adoption
Galaxy Digital sends over 10,000 Bitcoin from Satoshi-era stash to exchanges
Ethereum ETFs Attract $2.4 Billion in Six Days, Surpass Bitcoin Funds
Miner Weekly: Bitmain Funnels 187 Tons of Antminer Parts to Skirt US Tariffs