2020-12-18 05:37 |
The scheme has become common in the fast-growing DeFi sector. origin »
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Warp Finance, a protocol enabling liquidity provisioning (LP) tokens to be used as collateral for stablecoin loans, is re-launching after a successful recovery and reimbursement of hacked funds. This novel platform was the unfortunate victim of a flash loan attack, an increasingly prevalent problem in the decentralized finance (DeFi) space whereby hackers are able to essentially cheat the protocol and pull large amounts of money out of it. Warp carried out a quick and sweeping […]
While hacks and other cyberattacks can often be devastating in today’s digital era, decentralized finance (DeFi) startup Warp Finance bounced back from a recent flash loan attack in record time. Warp Finance’s Warp Protocol allows liquidity provisioning (LP) tokens to collateralize stablecoin loans, a totally novel function that provides its users with significant value. However,Read More
The recovered funds should be distributed sometime late Sunday night.
The team just released a summary of what actually happened. They also promised to return most of the lost funds. The attack followed a process seen in a large number of DeFi related exploits this year.