Decentralized finance (DeFi) platform Warp Finance said late Saturday it’s recovered $5.85 million, or about 75%, of the $7.76 million in funds lost last week in a flash loan attack.
- “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.