Defrost Finance, a protocol for <a href="https://www.cryptoknowmics.com/news/what-is-defi-decentralized-finance">decentralized financing</a>, reported having been hacked on December 23. However, blockchain security company Peckshield, claiming community information, stated that the attack might be a robbery that earned $12 million.
<h2>Defrost Finance Hacked in an Attack</h2>
The Defrost team claimed in a <a href="https://twitter.com/Defrost_Finance/status/1606983647474913282?" target="_blank" rel="nofollow noopener">Twitter thread</a> from December 25 that the first attack on their V2 product used a flash loan to steal money out of the system. The owner key was employed to exploit V1 in a second, more significant assault. The <a href="https://www.cryptoknowmics.com/news/kkr-places-part-of-private-equity-fund-on-avalanche-blockchain">Avalanche blockchain</a>-based platform, which allows for leveraged trading, didn't specify how much money had been seized.

https://twitter.com/Defrost_Finance/status/1606983647474913282?

According to Peckshield's study, the assault used a bogus collateral token and manipulated price. A rug pull can emerge if developers set up a liquidity pool and then take the money out after investors have purchased the associated token.
<h2>Breach As A Rug Pull</h2>
According to Defi Llama statistics, the total amount of money held on Defrost Finance has dropped to roughly $13 million from a height of $95 million in February. On December 25th, it fell to less than $93,000.

https://twitter.com/DefiyieldSec/status/1607070666897129473?

People suspect the breach was a rug pull, but if a rug pull is an assault, it would be unique. Typically, the scheme's creators disappear and are impossible to reach. Defrost Finance, on the other hand, declared in a tweet that it would be open to bargaining with the perpetrators of the assault for a return of the monies. Due to the account's disabling of direct messages, an effort to contact the company through Twitter was unsuccessful.

Defrost Finance Breached in Attack, Some Suspect A Rug-Pull

Defrost Finance, a protocol for decentralized financing, reported having been hacked on December 23 in a Twitter thread from December 25.

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Defrost Finance Breached in Attack, Some Suspect A Rug-Pull

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