Cryptocurrency 1 hour ago (Dec 25, 2022 06:20AM ET)

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

Defrost Finance, a decentralized leveraged trading platform on 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 by the hack and decided to close down V2 for further investigation.

Core team member Doran confirming attack on Defrost Finance. Source: Telegram
Core team member Doran confirming attack both Defrost Finance versions. Source: Telegram

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