Warp Finance Says It Recovered 75% of the $7.76M Funds Taken in Flash Loan Attack

The recovered funds should be distributed sometime late Sunday night.

Dec 20, 2020 at 3:36 p.m. UTC

Updated Sep 14, 2021 at 10:45 a.m. UTC

Decentralized finance (DeFi) platform Warp Finance said late Saturday it 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.

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