Defrost Plans To Return Users Fund Following $12M Hack

December 27, 2022

After recovering the funds lost in a recent flash loan exploit, Defrost Finance is planning to return the funds to their legitimate owners.

In a Medium post, Defrost highlighted that it will soon be returning the assets to their original holders and will be using a particular procedure.

The process includes converting all Ether (ETH) into stablecoins, like DAI, at the on-chain market rate.

The process includes converting all Ether into stablecoins, like DAI, at the on-chain market rate.

Then, all stablecoins will be transferred from the Ethereum blockchain into Avalanche.

All Ether will be converted at the on-chain market rate, into stablecoins like DAI.

After the completion, the team will deploy a smart contract enabling users to reclaim their assets which are already converted into stablecoins to their original wallet addresses.