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Gungun Bhatia
Dec 27, 2022
by Gungun Bhatia

Defrost Finance Says Hacked Funds Have Been Returned

Defrost Finance Hacked Funds

Table of contents

  1. Defrost Finance Hacked Funds Returned
  2. Defrost as an Escape Scam
Defrost Finance disclosed on Sunday that its V1 and V2 products had been exploited and stated that the hacker behind the more significant V1 assault had refunded the hacked funds.

Defrost Finance Hacked Funds Returned

In order to restore items to their proper owners after the hack, they will shortly begin analyzing the data stored on-chain to determine who held them before the breach. In a blog post on its website, the decentralized financial system stated that this procedure could take some time due to the fact that various individuals have varying amounts of assets and debt.

The company said that a flash loan was utilized in the first assault to drain cash from its V2 product in a tweet thread published on December 25. The owner key was utilized in a second, more significant attempt to take advantage of V1. The Avalanche blockchain-based platform, which allows for leveraged trading, didn't specify how much money had been taken.

Defrost as an Escape Scam

Peckshield, a blockchain security company, stated at the moment that the issue could have been a scam that stole $12 million, citing community knowledge. Today, the security firm Certik, which also claimed to have been unable to reach the team, produced a graphic suggesting that it was classifying Defrost as an escape scam. The Defrost Twitter account is not set up to receive private messages.

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Defrost Finance Says Hacked Funds Have Been Returned
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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