DForce Returns Funds to Users After Recovering from $25M DeFi Hack
Summary
- DForce returns funds to users after recovering from $25M DeFi hack
On April 19th, $25 million worth of cryptocurrency left DeFi lending protocol dForce’s wallets. The hackers were able to exploit a known vulnerability in the ERC-777 token protocol allowing hackers to empty over over 99% of dForce’s wallets.
However, as reported by The Crypto Associate earlier this week, the hackers began returning funds to the DeFi platform after a short period of negations. Dforce has since confirmed that all funds “have been recaptured through the efforts collaboratively made by our partners, law enforcement, investors, the community, and our team members.” However, the dForce team has not provided exact reasons or terms on which assets were returned.
The now recovered assets sit in a secure cold wallet as they are redistributed to affected users. Furthermore, the Lendf.me contract is paused indefinitely.
Returning Funds to dForce Users
Dforce has already distributed the majority of recovered funds back to users. In addition to returning funds, Force is working with a third party to create a risk management procedure to ensure security as funds are redistributed. Furthermore according to the “Asset Distribution Plan“, the team will provide further details on action post-asset-redistribution soon.
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