Warp.finance, a decentralized finance (DeFi) lending protocol, has announced it had successfully recovered ~75% of the $7.76m lost funds.
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The team claims it has updated the snapshot of addresses to include the addresses with funds that were deposited after the exploit and resulted in a loss. The project's developers say they will distribute the recovered funds to affected users soon enough.
The project will also issue Portal IOU tokens to give every affected users a profit on what they initially deposited.
"We will share more information about the IOU token and its design in the coming days," the announcement says.
iHodl earlier reported that Warp.finance lost up to $8 million due to a flash loan attack. Flash loan traditionally allows anyone to get unlimited assets for unsecured transactions, provided they are returned to the same block.
Emiliano Bonassi, Marqet Co-Founder, said the attacker used multiple lenders (different Uniswap pools) and asked for a double (different assets) loan to dYdX despite the fact that Warp.finance's smart contracts had been audited.
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