InsurAce, a DeFi insurance protocol, has completed a vulnerability investigation into the attack on Stablecoin earnings platform Elephant Money and launched a user claims process.
The attack caused the Elephant Money vault to lose about $11 million in funds. The core reason is that the Elephant Money smart contract minting function is flawed, so this hack is considered a claimable incident.
The specific claim conditions are users who held an active Smart Contract Vulnerability policy before April 12, 2022 UTC time, and minted TRUNK on Elephant before April 12, 2022 and held it until April 12, 2022 User.