Defrost v2 had been attacked by a flash loan attack.
The platform eventually recognized a v1 emergency as well.
Both versions of Defrost Finance, a decentralized leveraged trading platform built on the Avalanche blockchain, have been reported to have been hacked. This was announced after investors reported losing staked Defrost Finance (MELT) and Avalanche in their MetaMask wallets.
Doran, a key member of Defrost Finance, revealed that Defrost v2 had been attacked by a flash loan attack shortly after a few users reported an odd loss of funds. Furthermore, Defrost v2 was shut down since it was first thought that Defrost v1 was not affected by the attack.
V1 Emergency Spotted Later
Moreover, the platform at the time thought Defrost v1 was safe from the hack, so it shut down v2 while it looked into it. PeckShield, a blockchain investigation firm, determined that the hacker manipulated LSWUSDC’s share price for a profit of almost $173,000.
Although the corporation made an announcement ab
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