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Home»News»Defrost Finance Triumphantly Retrieves Stolen Funds, Announces Repayment for Impacted Customers
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Defrost Finance Triumphantly Retrieves Stolen Funds, Announces Repayment for Impacted Customers

Saheel KhirodkarBy Saheel KhirodkarDecember 28, 2022Updated:December 28, 20221 Comment2 Mins Read
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CoinStats - Defrost Finance Will Return Hacked Funds To R...

Protocol for decentralized finance From the hacker who was responsible for the V1 flash loan exploit, Defrost Finance has recovered money.

Defrost stated in a recent blog post that it would soon begin scanning the on-chain data to return the funds to their proper owners. The platform promised that the process would be “concluded fairly swiftly,” but noted that distribution might take some time because different users’ ratios of assets and debt varied.

“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.”

  • All Ether will be converted into stablecoins like Dai at the on-chain market rate as part of the process, and those stablecoins will then be transferred from the Ethereum blockchain to Avalanche.
  • Details will then be made public after the team scans the on-chain data “to find out who owned what before the hack.”
  • Defrost also intends to implement a smart contract that will enable users to send stablecoins to the same addresses to claim their assets back.
  • According to the platform, its V2 product was the target of its first attack, which involved a flash loan and the theft of funds. The owner key was used to exploit V1 in a second, more significant attack.
  • The initial loss was pegged at $12 million.
  • Peckshield, a blockchain investigator, hypothesised that it might be a situation of rug pull
DeFi defrost finance stolen money
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Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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