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Defrost Finance plans to reimburse users following $12M hack



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Defrost Finance a decentralized leverage-trading platform plans to refund the cash to their legitimate owners after retrieving the monies lost in a recent flash loan exploit.

Defrost noted in a medium post that it will soon be returning the assets to their original owner and will be using a certain procedure. All Ether will be converted, at the on-chain market rate, into stablecoins like Dai. The Ethereum blockchain will then be used to transfer all stablecoins into Avalanche.

In addition to this, the team will scan on-chain data to determine “who possessed what” before to the attack. The Defrost team stated that they will be making the data available to the public after finishing the scan job.

Following the completion of all tasks, the team will implement a smart contract that will enable users to reclaim their assets that have already been converted into stablecoins and return them to their original wallet addresses.

Security companies claimed that the project may have vanished with customer payments in the meanwhile, following the exploit. The recent exploit was called a “exit scam” by blockchain security company CertiK, who also claimed that they tried to contact the team but received no answer. On the other side, the community was also forewarned by the blockchain analytics company PeckShield, which called the initiative a “rug pull” and pegged the losses at about $12 million.

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