Tuesday, October 26, 2021
Home Crypto News Market DeFi Warp Finance Recovered 75% of Stolen Crypto Assets

DeFi Warp Finance Recovered 75% of Stolen Crypto Assets

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The decentralized Finance Platform Warp Finance reported that it recovered $5.85 million worth of crypto assets from $7.7 million stolen from the Protocol last week.

On December 18, the DeFi Warp Finance Protocol was attacked using flash loans.

The hacker was able to withdraw stable coins worth $7.7 million from the platform. Over the weekend, the Protocol’s developers said they were able to recover most of the stolen crypto assets.

 

Securing the lost assets was the responsibility of the Warp Finance team and they will return approximately 75% of the users deposited assets.

Recovered crypto assets will be distributed to affected users in an amount proportional to the amount of W-USDC and W-DAI held at the time of the attack.

The developers of the Protocol intend to compensate users for losses and will distribute debt tokens of the platform (IOU) to each victim. IOU tokens will be distributed in the coming days. According to the developers statement, the attack involved several flash loans taken through the dYdX platform and several quick swaps through Uniswap.

The DeFi industry is actively developing this year. Recently, the dappradar portal released an annual report, according to which the volume of transactions in DeFi has increased more than 12 times in 2020.

Read: Accoring To DappRadar Report The Transactions Volume of Defi Industry Exceeded $270 Billion in 2020

Read details of Warp Finance Hack on Medium: https://warpfinance.medium.com/warp-finance-exploit-summary-recovery-of-funds-5b8fe4a11898

 

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Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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