CryptocurrencyDeFi

DeFi Warp Finance Protocol Recovered 75% of Stolen Crypto Assets

Decentralized finance platform (DeFi) Warp Finance said it has recovered $ 5.85 million worth of crypto assets from the $ 7.7 million stolen from the protocol last week.

On December 18th, the DeFi Warp Finance protocol came under attack using fast loans. The hacker was able to withdraw stablecoins worth $ 7.7 million from the platform. Over the weekend, the protocol developers said they were able to recover most of the stolen crypto assets.

“The loan collateral is at the disposal of the Warp Finance team and will allow us to recover approximately 75% of the deposited assets of the users,” reads an article on the project’s Medium blog .

The 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 for the losses of users and will distribute platform “debt” tokens (IOU) to each victim, which will potentially make it possible to get a profit in excess of the one that was on the deposit at the time of the attack. 

IOU tokens will be distributed in the “coming days”. According to the developers’ statement, the attack involved several quick credits taken through the dYdX platform and several quick swaps via Uniswap.

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

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