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

After recovering the funds misplaced in a current flash mortgage exploit, decentralized leverage-trading platform Defrost Finance is planning to return the funds to their rightful house owners, in keeping with a brand new announcement. 

In a Medium publish, 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.

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Aside from these, the workforce may also be conducting a scan of on-chain knowledge 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 little thing is accomplished, the workforce might be deploying a wise contract that can permit 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 venture might have run away with consumer funds. Blockchain safety agency CertiK described the current exploit as an “exit rip-off” and mentioned that they’ve tried to contact the workforce with out getting any responses. Alternatively, blockchain analytics agency PeckShield additionally issued a warning to the group, describing the venture as a “rug pull” and estimated the losses to be round $12 million.