Here’s how Defrost Finance plans to refund users following $12M hack
After recovering the funds misplaced in a latest flash mortgage exploit, decentralized leverage-trading platform Defrost Finance is planning to return the funds to their rightful homeowners, in line with a brand new announcement.
In a Medium put up, Defrost highlighted that it’ll quickly be refunding the property to their unique holders and might be following a particular course of. The method consists of changing all Ether (ETH) into stablecoins, like DAI, on the on-chain market charge. Then, all stablecoins might be transferred from the Ethereum blockchain into Avalanche.
Aside from these, the workforce will even be conducting a scan of on-chain information to seek out out “who owned what” earlier than the assault. After finishing the scan work, the Defrost workforce talked about that they are going to be releasing the information to the general public.
After every part is accomplished, the workforce might be deploying a wise contract that can enable customers to reclaim their property that are already transformed into stablecoins again to their unique pockets addresses.
Associated: Hackers drain $8M in property from Bitkeep wallets in newest DeFi exploit
In the meantime, after the exploit, safety corporations alleged that the challenge might have run away with consumer funds. Blockchain safety agency CertiK described the latest exploit as an “exit rip-off” and stated that they’ve tried to contact the workforce with out getting any responses. Alternatively, blockchain analytics agency PeckShield additionally issued a warning to the neighborhood, describing the challenge as a “rug pull” and estimated the losses to be round $12 million.
