Tag: finance

Defrost Finance breaks silence on ‘exit scam’ accusations, denies rug pull

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Defrost Finance, the decentralized trading platform that suffered a $12 million exploit leading up to Christmas, has denied allegations that it had “rugged” its users as part of an elaborate “exit scam.” On Dec. 23, the platform announced it suffered a flash loan attack, leading to the draining of user funds from its V2 protocol. One day later, another incident saw a hacker steal the admin key for a second “much larger” attack on the V1 protocol. It’s understood the attacker(s) conducted the flash loan attack by adding a fake…

Here’s how Defrost Finance plans to refund users following $12M hack

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After recovering the funds lost in a recent flash loan exploit, decentralized leverage-trading platform Defrost Finance is planning to return the funds to their rightful owners, according to a new announcement.  In a Medium post, Defrost highlighted that it will soon be refunding the assets to their original holders and will be following a specific process. The process includes converting all Ether (ETH) into stablecoins, like DAI, at the on-chain market rate. Then, all stablecoins will be transferred from the Ethereum blockchain into Avalanche. Apart from these, the team will also…

Defrost Finance Says Hacked Funds Have Been Returned

Blockchain security firm Peckshield, citing “community intel,” said at the time that the exploit may have been a rug pull that made off with $12 million. Earlier today Certik, also a security company, said it had been unable to contact members of the team and posted a graphic indicating it was treating Defrost as an exit scam. Defrost’s Twitter account is not configured to accept private messages. Source

DeFi flash loan hacker liquidates Defrost Finance users causing $12M loss

Defrost Finance, a decentralized leveraged trading platform on Avalanche blockchain, announced that both of its versions — Defrost V1 and Defrost V2 — are being investigated for a hack. The announcement came after investors reported losing their staked Defrost Finance (MELT) and Avalanche (AVAX) tokens from the MetaMask wallets. Moments after a few users complained about the unusual loss of funds, Defrost Finance’s core team member Doran confirmed that Defrost V2 was hit with a flash loan attack. At the time, the platform believed that Defrost V1 was not impacted…

ECB to Decide Whether to Issue Digital Euro in 2023 – Finance Bitcoin News

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The European Central Bank (ECB) has published a new report on the progress of its investigation into the possible launch of a digital euro. The research will continue next year with the regulator planning to make a decision whether to proceed to the realization of the project in the fall of 2023. ECB to Develop Rules for Digital Euro Distribution Through Intermediaries The eurozone’s central bank has released a second report on the advance of the investigation phase of its project to issue a digital version of the common European…

Web3 projects would rather get hacked than pay bounty: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. Uniswap, one of the leading decentralized exchange platforms, is integrating debit and credit card support for its users. It will allow Uniswap users to buy cryptocurrency directly with their cards. An ex-employee caused Ankr protocol’s recent $5 million hack. The DeFi protocol alerted relevant authorities and is seeking to prosecute the attacker while shoring up its security practices. A Web3 developer has claimed that…

Rate Hikes Needed to Reduce Eurozone Inflation Despite Recession, Top ECB Official Says – Finance Bitcoin News

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Interest rates will continue to rise while the euro area falls into recession, a high-ranking executive at the European Central Bank (ECB) has indicated. His statements follow the latest rate increase announced by the monetary authority last week and revised projections showing higher than previously expected inflation in Europe ahead. ‘We Have No Choice But to Raise Interest Rates,’ ECB’s Luis de Guindos Admits Recognizing that the eurozone is entering recession, ECB Vice President Luis de Guindos has nonetheless insisted that the regulator should continue to raise interest rates in…

VeChain and PancakeSwap Have Utilized Decentralized Finance but Big Eyes Coin Makes It More Coherent

Place/Date: – December 22nd, 2022 at 9:53 am UTC · 3 min read Source: Big Eyes Coin Photo: Big Eyes Coin The Decentralized Finance (DeFi) world keeps developing and expanding daily. This expanse, however, is not void of backdrops. New virtual currencies emerge to solve one or more of the backdrops or present crypto in a new light. Big Eyes Coin (BIG) aims to make Decentralized Finance (DeFi) coherent and more budget-friendly when compared with VeChain (VET) and PancakeSwap (CAKE). Big Eyes Coin (BIG) Can Make Your Christmas Red-Hot! Big…

Defi More Scalable Than Traditional Finance, New Study Says – Defi Bitcoin News

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Despite the market conditions that prevailed in much of 2022, decentralized finance (defi) still demonstrated its greater scaling potential than that of the traditional financial industry, a new report has said. Even though the total value locked dropped from the peak of $180 billion in Dec. 2021, to just over $50 billion by end of Oct. 2022, certain sectors of the defi market still “show a very optimistic trend.” Decline in Total Value Locked According to Hashkey Capital’s end-of-year report, decentralized finance (defi) has the “potential to be many times…