dforce refunds all of its users

dForce Refunds All Of Its Users After Recovering Assets From $25 Million Hack

Last week Monday, DesAirdrops posted one untoward incident that had happened on popular Chinese decentralized finance (DeFi) protocol, dForce. But this time they have brought good news for its customers. Actually, dForce Refunds All Of Its Users. The company explained over 90% of all assets had been distributed back to users in less than 24 hours.

dForce Refunds All Of Its Users

An unknown attacker exploited the Chinese DeFi protocol dForce Network. And after that, dForce refunded all users who were affected in a recent $25 million hack. 

According to a tweet on 27th April, “Over 90% of assets have been distributed to users in less than 24 hours.100% users have been made whole in the recovery.”

The fact was, three days after the hack, on April 21, the hacker returned the funds to dForce. After accidentally revealing his identity during a fund transfer. The disbursement of funds follows the release of an “asset redistribution plan” that was announced earlier this week.

What About The Security And Measures In DeFi

After this kind of hacking incident, one question is still remains. What security and measures will upgrade in DeFi? Yang already introduced some of the measures. Which taken to fight this attack and to prevent future ones. Those included the current Lendf.Me smart contracts to remain disabled. Moreover, permanently deprecated.

Additionally, his company will employ third-party security consultants to “assist with a full audit and to help us with fortifying our future security practices.” With their assistance, dForce will introduce a “rigorous, audited integration process when introducing assets into the ecosystem.”

Just a few days after dForce, another DeFi project, PegNet faced a 51% attack on its network. Most probably, this was done by a  group of rogue miners. They took control and artificially inflated a wallet balance of $11 up to $6.7m. However, they couldn’t liquidate the assets and burned them instead. This PegNet incident explained that as the popularity of DeFi increases in time. More sophisticated attacks could follow.