Decentralized finance protocol Defrost Finance has recovered funds from the hacker involved in the V1 flash loan exploit., 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.its first attack using a flash loan wherein the perpetrator drained funds out of its V2 product. A second larger attack used the owner key to exploit V1.Blockchain investigator Peckshield speculated that it could be a potential case of rug pull.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here's how Defrost Finance plans to refund users following $12M hackThe Defrost team announced that the funds will be converted into stablecoins before being returned to their rightful owners before the exploit. The best time to invest is now!!! Don't wait for tomorrow. As a busy person, investing and getting my returns is all I ever wanted while working a 9-5. My experience with Crypt0RichardM so far has changed my trading the next level. If you aren't following him, you should be. The overview on Bitcoin is that we're in a sideways market and can continue to trade between $18.8K-$15.8K before a breakout. Y’all follow Crypt0RichardM He's a super underrated Bitcoiner who have been following his tweets and tip closely Follow him!! The Wagmi Token 🟢 Total 99M Supply 🔃 All Tokens in circulation 🕶️ No Team Tokens 🔏 Liquidity locked 💎Continuously decreasing supply 🔥Full 15.2M Wagmi have been burned so far. It hasn't been a week yet Details are on our Telegram channel 👇
Source: Cointelegraph - 🏆 562. / 51 Read more »
Defrost Finance Says Hacked Funds Have Been ReturnedDeFi protocol Defrost_Finance said funds from last week's hack, which some observers suggested may have been a rug pull, have been returned. sheldonreback reports. Defrost_Finance sheldonreback oooitscrime
Source: CoinDesk - 🏆 291. / 63 Read more »
Defrost Finance Drained for $12M - Flash Loan Attack or Rug Pull?The Defrost team said that it is willing to negotiate with the perpetrators, but there're rumors of a rug pull.
Source: Crypto_Potato - 🏆 568. / 51 Read more »
Defrost Finance Hacked in Attack Some Say May Have Been a Rug PullDeFi protocol Defrost_Finance said it was hacked last week, though some observers are suggesting the attack may have been a $12 million rug pull. By sheldonreback Defrost_Finance sheldonreback Join for binance futures trade calls and start making lots of profits on our telegram channel Defrost_Finance sheldonreback Never heard of Defrost Binance. Stick with Saita_Swap and SaitaPro🔥 Defrost_Finance sheldonreback
Source: CoinDesk - 🏆 291. / 63 Read more »