dForce Returns Recovered Stolen Funds to Its Users
- The hacker returned $24.3 million in stolen digital currency to the platform last week.
dForce, a Chinese decentralized finance (DeFi) platform, has returned the stolen funds from the platform to the victims.
In a tweet on Monday, the DeFi platform stated that “over 90% of assets have been distributed to users in less than 24 hours,” and “100% users have been made whole in the recovery.”
The platform was hacked on April 19 and the hacker siphoned $25 million in Ether, all the locked-in assets on the platform.
Though reports surfaced that the hacker was trying to negotiate with the company, all the stolen funds were mysteriously returned last week. The platform, however, did not disclose the reason behind such a change of conscience to the attacker’s mind.
The fiat value of the returned sum, however, was a few hundred dollars less than the original stolen amount as the attacker converted a chunk of the stolen proceeds to other digital currencies.
Efforts to smoothly distribute victims' funds
According to an official Medium post on Sunday, dForce was establishing a proper Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term procedure to distribute the funds to the victims and also engaged a third-party auditor for the task.
The platform also developed an asset recovery system for the transactions of user assets back to their Metamask wallets.
“The Lendf.Me smart contracts were compromised during the attack. As a result, we indefinitely paused the Lendf.Me contract and built a new Asset Recovery System to return the stolen assets to users,” the company stated.
“Given that hacker was only able to Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term a few assets before returning the funds, we have elected to rebalance most of the portfolio back to the last state prior to the contract being attacked and the pausing of the contract. Users will be made whole.”
Notably, before the attack, dForce was the seventh-largest DeFi platform in terms of locked-in assets with $25 million, as seen on DeFi Pulse. However, now the platform is only left with $10,000 in locked-in asset value.
dForce, a Chinese decentralized finance (DeFi) platform, has returned the stolen funds from the platform to the victims.
In a tweet on Monday, the DeFi platform stated that “over 90% of assets have been distributed to users in less than 24 hours,” and “100% users have been made whole in the recovery.”
The platform was hacked on April 19 and the hacker siphoned $25 million in Ether, all the locked-in assets on the platform.
Though reports surfaced that the hacker was trying to negotiate with the company, all the stolen funds were mysteriously returned last week. The platform, however, did not disclose the reason behind such a change of conscience to the attacker’s mind.
The fiat value of the returned sum, however, was a few hundred dollars less than the original stolen amount as the attacker converted a chunk of the stolen proceeds to other digital currencies.
Efforts to smoothly distribute victims' funds
According to an official Medium post on Sunday, dForce was establishing a proper Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term procedure to distribute the funds to the victims and also engaged a third-party auditor for the task.
The platform also developed an asset recovery system for the transactions of user assets back to their Metamask wallets.
“The Lendf.Me smart contracts were compromised during the attack. As a result, we indefinitely paused the Lendf.Me contract and built a new Asset Recovery System to return the stolen assets to users,” the company stated.
“Given that hacker was only able to Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term a few assets before returning the funds, we have elected to rebalance most of the portfolio back to the last state prior to the contract being attacked and the pausing of the contract. Users will be made whole.”
Notably, before the attack, dForce was the seventh-largest DeFi platform in terms of locked-in assets with $25 million, as seen on DeFi Pulse. However, now the platform is only left with $10,000 in locked-in asset value.