The creators of the DeFi protocol Warp Finance have recovered $5.85 million, or 75% of the funds stolen in the December 18 attack.
On December 20th, 2020 at 0216 UTC we successfully recovered the loan collateral from the exploit, in the form of ETH/DAI-LP tokens. The value is approximately $5.85m, which is ~75% of the $7.76m lost funds.
Full statement: https://t.co/SzrE3irylJ
— warp.finance (@warpfinance) December 20, 2020
Warp Finance returned the funds in ETH/DAI LP tokens, used by the Uniswap decentralized exchange to register liquidity provider deposits.
The coins will be distributed according to the amount of stablecoins on users’ accounts at the time of the attack. Initially the project announced the transfer of assets within 24 hours, but delayed the process due to updating the list of affected addresses.
UPDATE: We have updated the snapshot of addresses to also include the addresses with funds that were deposited after the exploit and resulted in a loss. In light of this, we will delay the distribution 24 hours to ensure the snapshot for compensation distribution is correct
— warp.finance (@warpfinance) December 20, 2020
The remaining assets in DAI and USDC stablecoins have been lost. The Warp Finance team promised to use IOU tokens to fully compensate the losses.
Following this 75% recovery, we are taking steps to compensate the remaining losses through the issuance of an IOU token to all v2 users. More information will follow in the coming days, our present focus is security and returning the recently secured funds to owners.
— warp.finance (@warpfinance) December 20, 2020
Earlier, Warp Finance lost $7.7 million in an attack using a flash loan via Uniswap and the DeFi platform dYdX.
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