{"id":280096,"date":"2022-12-26T15:00:46","date_gmt":"2022-12-26T09:30:46","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=280096"},"modified":"2022-12-26T13:07:06","modified_gmt":"2022-12-26T07:37:06","slug":"avalanches-dex-loses-12-million-in-hack-are-avax-holders-next-to-be-snowbound","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/avalanches-dex-loses-12-million-in-hack-are-avax-holders-next-to-be-snowbound\/","title":{"rendered":"Avalanche&#8217;s DEX loses $12 million in hack; are AVAX holders next to be snowbound"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Defrost Finance gets hacked and funds worth $12 million get stolen<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Avalanche\u2019s TVL and revenue generated declines<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A DEX on the <\/span><a href=\"http:\/\/ambcrypto.com\/will-avalanche-avax-holders-commence-2023-on-a-bullish-note\/\"><span style=\"font-weight: 400;\">Avalanche<\/span><\/a><span style=\"font-weight: 400;\"> network, known as Defrost Finance, was compromised by an attack from a hacker. According to data provided by <\/span><a href=\"https:\/\/twitter.com\/peckshield\"><span style=\"font-weight: 400;\">PeckShield Inc<\/span><\/a><span style=\"font-weight: 400;\">, a crypto security analytics firm, the attacker was able to get away with $12 million.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/avalanche-2-price-prediction\"><span style=\"font-weight: 400;\">Avalanche&#8217;s Price Prediction<\/span><\/a> 2023-2024<\/p>\n<hr \/>\n<h3><b>The unfolding of it all&#8230;<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The attacker managed to add a fake token as collateral, then proceeded to use a fake price oracle. A price oracle is a source of price data streamed onto a blockchain. Using these tools, the attacker managed to liquidate $12 million worth of user funds.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This was not the first attack that had occurred on Defrost Finance. On 23 December, Defrost Finance was hacked and the hacker was able to use flash loans (which is an uncollateralized loans) to steal funds<\/span><a href=\"https:\/\/twitter.com\/PeckShieldAlert\/status\/1606276020276891650?s=20&amp;t=9frydAFVycWTiAK54PG1KQ\"><span style=\"font-weight: 400;\"> worth $173,000. <\/span><\/a><span style=\"font-weight: 400;\">It is uncertain whether these attacks were carried out by the same or different hackers. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Defrost Finance team was willing to negotiate with the hacker. In a recent <\/span><a href=\"https:\/\/twitter.com\/Defrost_Finance\/status\/1606985259299790848?s=20&amp;t=eXsnRkT6hIc73DELzYCERw\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\">, the team at Defrost Finance announced that they will be willing to pay up to 20% of the funds to the hacker. This was if the hacker manages to give back the remaining funds to Defrost Finance.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The Defrost team is willing to negotiate with the hacker(s). <\/p>\n<p>We are willing to discuss sharing 20% (negotiable) of the funds in exchange for the bulk of assets and are calling on the hackers to contact us asap.<\/p>\n<p>&mdash; Defrost Finance \ud83d\udd3a (@Defrost_Finance) <a href=\"https:\/\/twitter.com\/Defrost_Finance\/status\/1606985259299790848?ref_src=twsrc%5Etfw\">December 25, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><b>The current state of Avalanche<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">These concurrent attacks happening in Avalanche\u2019s DeFi ecosystem could affect the overall TVL collected by Avalanche. According to DefiLlama, Avalanche&#8217;s TVL reduced from $903 million to $787.03 million over the last month.<\/span><\/p>\n<figure id=\"attachment_280097\" aria-describedby=\"caption-attachment-280097\" style=\"width: 1570px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-26-at-11.54.05-AM.png\"><img decoding=\"async\" class=\"size-full wp-image-280097\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-26-at-11.54.05-AM.png\" alt=\"\" width=\"1570\" height=\"768\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-26-at-11.54.05-AM.png 1570w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-26-at-11.54.05-AM-300x147.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-26-at-11.54.05-AM-1024x501.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-26-at-11.54.05-AM-768x376.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-26-at-11.54.05-AM-1536x751.png 1536w\" sizes=\"(max-width: 1570px) 100vw, 1570px\" \/><\/a><figcaption id=\"caption-attachment-280097\" class=\"wp-caption-text\">Source: Defi Llama<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Furthermore, the revenue generated by Avalanche declined as well. Avalanche&#8217;s revenue fell by 41.3% in the last 30 days, based on token terminal\u2019s data. At the time of writing, the cumulative revenue generated by Avalanche stood at $3.8 million.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0A 38.38x <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\"><span style=\"font-weight: 400;\">hike on the cards if AVAX hits ETH\u2019s market cap?<\/span><\/a><\/p>\n<hr \/>\n<p><a href=\"http:\/\/ambcrypto.com\/going-long-on-avalanche-avax-mark-these-levels-to-take-profit\/\"><span style=\"font-weight: 400;\">Avalanche<\/span><\/a><span style=\"font-weight: 400;\"> wasn\u2019t able to fare well in terms of the NFT sector as well.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to data provided by AVAXNFTSTATS, it was observed that the top 5 NFT collections on the NFT network witnessed a massive decline in terms of volume. Furthermore, popular AVAX NFT collections such as chikn and FarmLand started to lose interest from NFT investors.<\/span><\/p>\n<figure id=\"attachment_280098\" aria-describedby=\"caption-attachment-280098\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-26-at-11.30.15-AM.png\"><img decoding=\"async\" class=\"size-full wp-image-280098\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-26-at-11.30.15-AM.png\" alt=\"\" width=\"2560\" height=\"649\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-26-at-11.30.15-AM.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-26-at-11.30.15-AM-300x76.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-26-at-11.30.15-AM-1024x260.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-26-at-11.30.15-AM-768x195.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-26-at-11.30.15-AM-1536x390.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/Screenshot-2022-12-26-at-11.30.15-AM-2048x519.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-280098\" class=\"wp-caption-text\">Source: AVAXNFTSTATS<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The attacks on protocols in <\/span><a href=\"http:\/\/ambcrypto.com\/these-latest-avalanche-developments-can-help-avax-climb-up-the-ladder\/\"><span style=\"font-weight: 400;\">Avalanche<\/span><\/a><span style=\"font-weight: 400;\">\u2019s ecosystem coupled with the declining interest in its NFTs could impact Avalanche\u2019s growth negatively in the near future.<\/span><\/p>\n<p>At the time of writing, $AVAX was trading at $11.69 and its price had increased by 0.45% in the last 24 hours.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Defrost Finance gets hacked and funds worth $12 million get stolen Avalanche\u2019s TVL and revenue generated declines A DEX on the Avalanche network, known as Defrost Finance, was compromised by an attack from a hacker. According to data provided by PeckShield Inc, a crypto security analytics firm, the attacker was able to get away with<a href=\"https:\/\/ambcrypto.com\/avalanches-dex-loses-12-million-in-hack-are-avax-holders-next-to-be-snowbound\/\">Continue reading <span class=\"sr-only\">&#8220;Avalanche&#8217;s DEX loses $12 million in hack; are AVAX holders next to be snowbound&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":280100,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,950,66,3,4,20],"tags":[],"class_list":["post-280096","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-defi","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Avalanche&#039;s DEX loses $12 million in hack; 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