{"id":531677,"date":"2022-12-27T10:20:50","date_gmt":"2022-12-27T07:20:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/heres-how-defrost-finance-plans-to-refund-users-following-12m-hack\/"},"modified":"2022-12-27T10:20:50","modified_gmt":"2022-12-27T07:20:50","slug":"heres-how-defrost-finance-plans-to-refund-users-following-12m-hack","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/heres-how-defrost-finance-plans-to-refund-users-following-12m-hack\/","title":{"rendered":"# Here&#8217;s how Defrost Finance plans to refund users following $12M hack"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a399366c7288\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a399366c7288\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-how-defrost-finance-plans-to-refund-users-following-12m-hack\/#%E2%80%9D_Heres_how_Defrost_Finance_plans_to_refund_users_following_12M_hack_%E2%80%9C\" >&#8221; Here&#8217;s how Defrost Finance plans to refund users following $12M hack &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Heres_how_Defrost_Finance_plans_to_refund_users_following_12M_hack_%E2%80%9C\"><\/span>&#8221; Here&#8217;s how Defrost Finance plans to refund users following $12M hack &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvNmM1NDFlYTYtMzVkMS00NzllLThlZTQtMzYyZTFkY2Y2NjQ1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-71d2d00b>After recovering the funds lost in a recent flash loan exploit, decentralized leverage-trading platform Defrost Finance is planning to return the funds to their rightful owners, according to a new announcement.\u00a0<\/p>\n<p>In a Medium post, Defrost\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/@Defrost_Finance\/details-concerning-the-refunding-process-78d48e18031b\">highlighted<\/a> that it will soon be refunding the assets to their original holders and will be following a specific process. The process includes converting all Ether (ETH) into stablecoins, like DAI, at the on-chain market rate. Then, all stablecoins will be transferred from the Ethereum blockchain into Avalanche. <\/p>\n<p>Apart from these, the team will also be conducting a scan of on-chain data to find out \u201cwho owned what\u201d before the attack. After completing the scan work, the Defrost team mentioned that they will be releasing the data to the public. <\/p>\n<p>After everything is completed, the team will be deploying a smart contract that will allow users to reclaim their assets which are already converted into stablecoins back to their original wallet addresses. <\/p>\n<p>Meanwhile, after the exploit, security firms alleged that the project may have run away with user funds. Blockchain security firm CertiK described the recent exploit as an &#8220;exit scam&#8221; and said that they have attempted to contact the team without getting any responses. On the other hand, blockchain analytics firm PeckShield also issued a warning to the community, describing the project as a &#8220;rug pull&#8221; and estimated the losses to be around $12 million. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Hackers drain $8M in assets from Bitkeep wallets in latest DeFi exploit<\/em><\/strong><\/p>\n<p>On Dec. 21, decentralized exchange Raydium also announced details of its proposed compensation plan for victims of a recent exploit because of a vulnerability in the platform&#8217;s code. According to its team, the hackers were able to get away with $2 million worth of digital assets with the attack.\u00a0<\/p>\n<p>On the same day, Ankr protocol was able to determine the details of the exploit that caused a $5 million loss within the platform. According to the team, there was a point of failure in their developer key. Because of this, the team will be implementing multi-sig authentication that will require signatures from key custodians. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/here-s-how-defrost-finance-plans-to-refund-users-following-12m-hack\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Here&#8217;s how Defrost Finance plans to refund users following $12M hack &#8220; After recovering the funds lost in a recent flash loan exploit, decentralized leverage-trading platform Defrost Finance is planning to return the funds to their rightful owners, according to a new announcement.\u00a0 In a Medium post, Defrost\u00a0highlighted that it will soon be refunding&#8230;<\/p>\n","protected":false},"author":1,"featured_media":531678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/6c541ea6-35d1-479e-8ee4-362e1dcf6645.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74868,74882,70944],"class_list":["post-531677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-defi","tag-hacks","tag-hackers"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/531677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=531677"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/531677\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/531678"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=531677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=531677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=531677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}