DeFi protocol Warp Finance recovers $5.85 million of stolen funds

Warp Finance declared on Sunday that it has already recovered 75% of the stolen funds, which is about 5.85 million USD. Last week, DeFi lender Warp Finance had reportedly lost $7.7 million in a flash loan attack. So, the affected users can now rejoice at the news of getting back their lost amount.

According to reports, last week, multiple flash loan attacks were conducted via dYdX and a number of flash swaps via Uniswap, along with numerous instances of flash liquidity.

Warp announced that it had recovered the lost funds in the form of ETH/DAI LP tokens, which are Uniswap liquidity provider tokens. These tokens consist of ether and DAI deposits. However, it should be noted that the funds were stolen in DAI and USDC stablecoins.

The impacted users would receive the reimbursement of the stolen amount in the form of ether and DAI tokens within a day, which would be equivalent to the lost wUSDC and wDAI stablecoins. 

Warp said,

Warp said

Warp also said that it still retains about 5.5 million in the collateral vault. At the moment, it is unclear as to how Warp Finance recovered the stolen amount. 

Warp Finance is the latest DeFi platform, which was launched only in November this year. Warp Finance is a DeFi lending protocol that enables users to deposit liquidity provider (LP) tokens in exchange for stablecoin loans.

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