What do you do if your DeFi platform is being hacked.
What do you do if your DeFi platform has been hacked?
Don’t panic — there are a couple of quick steps you could take.
Here’s what can be done if the hack or exploit compromises private keys, like the recent NomadHack.
Check for a freeze
- Freezing the platform's system state can thwart or mitigate an ongoing hack
- If the platform has initiated a freeze in time, chances are most of the funds are intact
Retrieve your funds
- If it’s possible, remove your funds from the affected platform ASAP
- Transfer them to another platform or wallet that has been deemed secure
Disconnect your hot wallet
- If successful in retrieving your funds, disconnect your hot wallet from the platform
- It’s safer to store your funds in a cold wallet, at least until the whole thing blows over
Stay in the loop
- If your funds are inaccessible, regularly check for updates on the platform’s socials/website
- You may find among other useful info instructions on how to recover funds
Seek out fellow victims
- Teaming up with other users in the same boat could prove to be an advantage
- You can pool resources in planning your next moves, all the way to potential legal recourse