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

After recovering the funds mislaid successful a recent flash indebtedness exploit, decentralized leverage-trading level Defrost Finance is readying to instrumentality the funds to their rightful owners, according to a caller announcement. 

In a Medium post, Defrost highlighted that it volition soon beryllium refunding the assets to their archetypal holders and volition beryllium pursuing a circumstantial process. The process includes converting each Ether (ETH) into stablecoins, similar DAI, astatine the on-chain marketplace rate. Then, each stablecoins volition beryllium transferred from the Ethereum blockchain into Avalanche.

Apart from these, the squad volition besides beryllium conducting a scan of on-chain information to find retired “who owned what” earlier the attack. After completing the scan work, the Defrost squad mentioned that they volition beryllium releasing the information to the public.

After everything is completed, the squad volition beryllium deploying a astute declaration that volition let users to reclaim their assets which are already converted into stablecoins backmost to their archetypal wallet addresses.

Related: Hackers drain $8M successful assets from Bitkeep wallets successful latest DeFi exploit

Meanwhile, aft the exploit, information firms alleged that the task whitethorn person tally away with idiosyncratic funds. Blockchain information steadfast CertiK described the caller exploit arsenic an "exit scam" and said that they person attempted to interaction the squad without getting immoderate responses. On the different hand, blockchain analytics steadfast PeckShield besides issued a informing to the community, describing the task arsenic a "rug pull" and estimated the losses to beryllium astir $12 million.