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Friday, December 3, 2021

Popsicle Finance to Repay Victims of $25M Attack

The most dedicated users will receive a 20% bonus on top of the reimbursement.

DeFi platform Popsicle has announced that it will reimburse victims of a $25 million attack that took place in August.

Funds Will Be Paid Back to Users

The Popsicle team calculated how many ICE tokens, at a value of $29, were needed to reimburse the victims.

The tokens were distributed as nICE in order to save on gas fees. In order to cash out the tokens, users must convert nICE to ICE on the Ethereum blockchain. Alternately, users can leave the nICE tokens staked to continue earning returns on the funds.

Users that held onto 100% of their nICE tokens despite the hack will be given a 20% bonus on top of the main reimbursement.

Popsicle drew the reimbursed funds from its team’s own token allocation, specifically the funds of founder Daniele Sesta.

More details can be found on the project’s official blog.

Popsicle’s ICE Token Is Worth $25

The original attack, in addition to draining the platform’s funds, caused the value of Popsicle’s ICE token to fall from $2.35 to $1.38 within 48 hours. However, ICE’s price is now significantly better off than it was in August, with a market value of $25.89.

This price increase is perhaps due to an overall stronger crypto market rather than solely due to the project’s own efforts.

Popsicle Finance is a yield optimization platform that allows users to automatically find the most profitable DeFi services.

Disclaimer: At the time of writing this author held less than $100 of Bitcoin, Ethereum, and altcoins.

This news was brought to you by ANKR, our preferred DeFi Partner.

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Kaylie Pferten
A pilot of submersible crafts in a former life, now married to my husband David and writing about investment advice.

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