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Warp Finance Says It Recovered 75% of the $7.76M Funds Taken in Flash Loan Attack
The recovered funds should be distributed sometime late Sunday night.
Decentralized finance (DeFi) platform Warp Finance said late Saturday it recovered $5.85 million, or about 75%, of the $7.76 million in funds lost last week in a flash loan attack.
STORY CONTINUES BELOW
- "The loan collateral has since been secured by the Warp Finance team and will allow us to return approximately 75% of users' deposited funds," the firm said in a Medium post.
- The recovered funds should be distributed sometime late Sunday night Eastern time (early morning UTC) to affected users in amounts proportional to the amount of W-USDC and W-DAI held at the time of the attack.
- Warp said it intends to make users whole and will be issuing portal IOU tokens to each affected user, potentially allowing users to report a profit above what they had on the deposit at the time of the attack. Those IOU tokens will be distributed in the "coming days," Warp Finance said.
- The attack involved multiple flash loans via dYdX, multiple flash swaps via Uniswap and multiple instances of flash liquidity, the platform said.
See also: Warp Finance Suffers Possible $8M Flash Loan Attack
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
