Defrost Finance 🔺

Decentralized leveraged trading on #Avalanche. Use unique yield-aggregating supervaults to maximize your returns on liquidity & trade with ease.

[Defrost Finance 🔺 @Defrost_Finance]

The refund contract is now active 🚀

All users who have a valid claim following the hack can claim their refund 🙏

Find out how here 👇
https://t.co/HOih0sPThI

[Defrost Finance 🔺 @Defrost_Finance]

🚨 Refund contract deployed 🚨

🔎 It is available on the Avalanche c-chain: 0xaAfE36D3e1C784347D3bADE21D162e5A996Ba3f0

💰 The refunds will be available starting on January 11 at 00.01 UTC. (In about 12 hours.)

See our guide on how to claim here 👉 https://t.co/HOih0sQr7g

[Defrost Finance 🔺 @Defrost_Finance]

Refund update 🚨

✅ We thank our users for their feedback, all data has now been screened

✅ Our engineers are working on the refund contract, we expect to make it available within four days from now or earlier if possible

We appreciate the patience of our community 🙏

[Defrost Finance 🔺 @Defrost_Finance]

3/3

✅ The refund weight for USDC contributors is calculated according to the loss of 27,614 USDC during the hack. 20,711 USDC remained after the attack, down from 48,325 USDC.

✅ Platypus mining contracts get zero refunds. Users are tracked to the address if they were mining.

[Defrost Finance 🔺 @Defrost_Finance]

IMPORTANT UPDATE addressing the issue of Platypus LPs 🚨

Following a careful examination of the data, Defrost has slightly modified the refund to address issues with LPs on Platypus.

The original plan has been edited and updated. Details here 👉 https://t.co/ZJMPI8lDxP

1/3

[Defrost Finance 🔺 @Defrost_Finance]

2/3

In brief:

✅ Refunds to vault depositors will stay unchanged.
The following are adjustments to H2O liquidity providers on Platypus:

✅ Both USDC and H2O contributors in the Platypus H2O Pool will get refunded, proportionate to the LP-USDC-H2O and LP-H2O shares in the pool.

[Defrost Finance 🔺 @Defrost_Finance]

3/3

✅ The refund weight for USDC contributors is calculated according to the loss of USDC during the attack. /20,711 USDC remained after the attack, down from 48,325 USDC before the hack.)

✅ Platypus mining contracts have been identified and will will get zero refunds.

[Defrost Finance 🔺 @Defrost_Finance]

2/3

In brief:

✅ Refunds to vault depositors will stay unchanged.
The following are adjustments to H2O liquidity providers on Platypus:

✅ Both USDC and H2O contributors in the Platypus H2O Pool will get refunded, proportionate to the LP-USDC-H2O and LP-H2O shares in the pool.

[Defrost Finance 🔺 @Defrost_Finance]

Defrost is publishing a detailed refund plan covering all users affected by the V1 hack, whether contributors in the vault or H2O holders.

The plan will be online until January 7 for users to check before being finalized and implemented.

👇👇👇
https://t.co/ZJMPI8lDxP

[Defrost Finance 🔺 @Defrost_Finance]

Refund update 👀

Prior to publishing the refund details, over the coming 8 hours the Defrost team will:

💱 Convert the recovered $ETH to $DAI

🌉 Bridge all assets from #Ethereum to #Avalanche

You can monitor the progress here ⬇️
https://t.co/nE7XJYKy6C

[Defrost Finance 🔺 @Defrost_Finance]

Refund update 🚨

✅ By yesterday, our tech team had scanned 50% of the addresses affected by the hack, including all those in the vault

✅ As of now, nearly all addresses have been covered

✅ We are crosschecking the data in preparation for the release of the refund plan

[Defrost Finance 🔺 @Defrost_Finance]

Initial refund timeline info ⌛️

An initial assessment from our tech team indicates it may take roughly 4 days to complete the data collection and prepare a refund plan that will then be shared with our community.

We kindly ask users to take these numbers as a rough estimate 🙏

[Defrost Finance 🔺 @Defrost_Finance]

2/2

➡️Users should be aware that actions taken after the hack will not influence the refunds

➡️ Therefore, while Defrost does not provide any financial advice and no social media post should be construed as doing so, we recommend extreme caution in approaching $H2O and $MELT

[Defrost Finance 🔺 @Defrost_Finance]

Notice concerning $H2O 📢

➡️ We have recently seen $H2O deposited in liquidity and staking pools

➡️ As the Defrost minting mechanism has been destroyed during the hack, we do not expect our stablecoin to repeg

1/2

[Defrost Finance 🔺 @Defrost_Finance]

The #DefrostFinance tech team is collecting on-chain data regarding the distribution of assets in preparation for the restitution to users.

Kindly bear with us as the work is completed.

Meanwhile, the assets are SAFU and can be monitored here ➡️ https://t.co/VJMhLrDfmw

[Defrost Finance 🔺 @Defrost_Finance]

4/4

We invited users to follow our official channels for the latest news on refunding 🙏

[Defrost Finance 🔺 @Defrost_Finance]

1/4

#Defrost has managed to recover all funds taken during the the V1 hack.

This is how we will refund the investors.

A thread 👇

[Defrost Finance 🔺 @Defrost_Finance]

3/4

➡️ We will start scanning the data on-chain to find out who owned what prior to the hack. Details will be released once the work is finished

➡️ A refunding smart contract will be deployed

➡️ Users will be able to claim their assets back in stablecoins to the same addresses

[Defrost Finance 🔺 @Defrost_Finance]

#DefrostFinance users are getting refunded.

Here's how 👇

https://t.co/IqeSP5wovQ