Defrost Details Plans to Refund Hack Victims
In a medium update earlier today, DeFi protocol Defrost Finance shared its strategy to reimburse users who suffered in the recent exploit. The team behind the platform noted in a Twitter thread that they had recovered the stolen assets and were set to commence refunds. The Refund Process The blog post, titled “Details Concerning the Refunding Process” outlined the steps the platform will follow over the next few days. To begin with, the Defrost team will swap all ETH for stablecoins at the current on-chain market rate. Per the post, the most appealing option for this is MakerDAO’s DAI token. Following the conversion, the next phase of the refund process is to move the stablecoins from Ethereum to the Avalanche ecosystem. Defrost will then begin reviewing on-chain records from before the hack in order to match assets to holders. Once the team has completed the survey it will make the information in question available for public view. Next, the team will move forward with t...