Warp Finance Developers Recover 75% of Stolen $7.7 Million

DeFi lending protocol Warp Finance has recovered 75% of the funds stolen in a flash loan attack last week.

December 21, 2020 | AtoZ Markets – The creators of the Warp Finance DeFi protocol have recovered $5.85 million, or 75% of the funds stolen in the December 18 attack.

Warp Finance says it has recovered stolen funds

Warp Finance has returned funds in ETH/DAI LP tokens used by Uniswap decentralized exchange to register liquidity providers’ deposits. The team did not disclose the details of the asset recovery process, but clarified that it was helped by “white hackers”.

Read also: Binance Recovers $344,000 From DeFi Exit Scam Project Wine Swap

Tokens will be distributed in accordance with the number of stablecoins on users’ accounts at the time of the attack. Initially, the project announced the transfer of assets within 24 hours but postponed the process due to the update of the list of affected addresses.

The rest of the assets in DAI and USDC stablecoins were lost. The Warp Finance team has promised to use debt tokens (IOUs) to fully compensate for the damage.

As a reminder, the Warp Finance project lost $7.7 million as a result of an attack using an instant loan through Uniswap and the dYdX DeFi platform.

Think we missed something? Let us know in the comment section below.

    Share Your Opinion, Write a Comment