After losing $12 million, Defrost Finance squashes rug pull rumors
Key Points: The company refuted claims that Defrost Finance had cancelled the project after $12M was taken from the smart contract.
A Defrost Finance spokesperson said that the first attack used a flash-loan-re-entrancy exploit to target the V2 contract.
Defrost Finance also has a plan to be able refund users. Unlike other platforms, which just wait for such incidents to happen, Defrost Finance publishes information about the exploit and keeps it updated.
Defrost Finance, an Avalanche-based DeFi platform, claimed that $12 million was stolen from the smart contracts. According to Defrost Finance, the address that created Defrost Finance’s multisig wallet also requested that the oracle be changed before the alleged exploit. The hacker or hackers managed to steal the private key and use it to add a fake collateral token and price oracle, before printing 100 million H20 tokens. The hacker used the vaults’ oracles to his benefit to drain the money. Defrost Finance offered a reward on Monday. Defrost Finance also claimed that it had recovered all funds. Defrost also planned to be able refund users. Defrost Finance stated that both its Defrost versions, Defrost V1 and Defrost V2, are being investigated for hacking. Defrost Finance claimed that a first attack used a flash loan to siphon funds from its V2 product. The owner key was used to exploit V1. A second larger attack used the owner key to exploit V1. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewsTags: AvalancheDeFiDeFiYieldSecDefrost Financerug pull