Here's how Defrost Finance plans to refund users following $12M hack

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The Defrost team announced that the funds will be converted into stablecoins before being returned to their rightful owners before the exploit.

) into stablecoins, like DAI, at the on-chain market rate. Then, all stablecoins will be transferred from the Ethereum blockchain into Avalanche.

Apart from these, the team will also be conducting a scan of on-chain data to find out “who owned what” before the attack. After completing the scan work, the Defrost team mentioned that they will be releasing the data to the public. After everything is completed, the team will be deploying a smart contract that will allow users to reclaim their assets which are already converted into stablecoins back to their original wallet addresses.

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We've done an Exclusive On-Chain Investigation on the Defrost_Finance's $12M 'Exploit' We found the connection between Defrost Finance and another project that has Rug Pulled $7M in 2021 -Phoenix__PHX They have the same developers:

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