Defrost to Return Funds to the Customers

Defrost, which describes itself as the platform behind the next generation stablecoin, announced that all V1 hacked funds have been returned.

In a new Medium post, the Defrost team said that it will soon start refunding these assets to those they belong to, emphasizing that several big steps will soon take place.

To begin with, all ETH in the address will be converted to stablecoins at the on-chain market rate.

The stablecoins will be then crossed from Ethereum to Avalanche, with the scanning of the data on-chain to find out who owned what prior to the hack. The details will be released once the scanning work is done.

“A refunding smart contract will then be deployed. Rightful users will be able to claim their assets back in stablecoins to the same addresses,” the company added.

On Dec.23, Defrost suffered a first hack involving a flash loan attack, which led to the draining of the funds in the V2.

“The same – or another – hacker also managed to steal the owner key for a second, much larger attack on the V1. We are currently working on finding out how exactly the aggressors managed to obtain the key and used it to exploit the protocol,” the company tweeted.

Source: Defrost Twitter

Previously, The Coinomist reported about Chester Stojanovic, who lived in New York from 2019 to 2022. He scammed at least 12 people through fraudulent crypto mining schemes. He was caught in April of this year, and on November 29 he nevertheless pleaded guilty.

We also handpicked the ten biggest Defi hacks in 2022.