An unfortunate timing: Defrost Finance investigates flash loan attack on Christmas day. Users are advised against using Defrost V1 and V2 services until further notice.
“Our analysis shows a fake collateral token is added and a malicious price oracle is used to liquidate current users. The loss is estimated to be >$12M.”at play.
Defrost V1 was initially announced unaffected by the hack as the first version of Defrost lacked a flash loan function.However, the platform later acknowledged an emergency for V1 as well, stating: “Our team is currently investigating. We kindly ask the community to wait for updates and refrain from using either the V1 or V2 for the moment.”
Until further notice, investors are advised to stop using Defrost Finance. An internal team is currently investigating the situation and will reach out to users through official channels.
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