Platypus Finance Victims to Receive 63% of the Lost Assets
The Platypus team is collaborating with security researchers and other interested parties to track out the perpetrator of a USD 9.1 million attack and get the money back. Platypus was the victim of a huge exploitation that cost the company $9.1 million in three consecutive assaults. Stablecoins and other valuables were taken in the assaults. The team is currently working relentlessly with security analysts and other interested parties to determine the scope of the assaults. They will also develop a strategy to recoup the stolen funds.
The DeFi platform claims that they already recovered 2.4m USDC and all of them will be refunded to the affected Liquidity pools. However, treasury will not be used for compensation. Users will be returned back at least 63% of their total assets. This announcement has been made on the official Medium handle of the protocol.
Platypus Suffers $9.1 Million Loss in Three Cyber Attacks Due to Logical Flaw in Asset Contract
Stableswap’s operations are intact and will not be affected by the latest incident on Platypus. It is guaranteed everyone is before diving into the specifics of the assault. A logical flaw in the USP viability check mechanism contained within the asset contract was identified as the root cause of the assault.
On Feb 16th, at 7:16 pm UTC, three different assaults took advantage of Platypus, resulting in a loss of $9.19 million.
In the initial attack, hackers made off with almost USD 8.5 million in assets. It includes $2.4 m in USDC, $1.5 m in USDT, $1.9 m in USDC.e, $1.2 m in USDT.e, and $691 thousand in DAI.e, in addition to $687 thousand in BUSD. The contract eventually became a lock on all these assets.
In the second strike, some 380k assets, including 96k USDT, 83k USDC, 69k USDC.e, 26k DAI.e, 79k USDT.e, and 24k BUSD, were delivered to the Aave v3 contract accidentally. About 380k worth of property was taken in the third raid. A total of 14,316 AVAX were created from the stolen funds. The hacker later used the Ethereum network’s bridging capabilities to turn the AVAX into ETH.
Platypus Takes Countermeasures after Third Attack, StableSwap Remains Strong
Upon receiving word of the third attack, the Platypus squad immediately shut down the primary USP and pool. In addition, several countermeasures were put into place. Platypus is aware of the community’s anxiety in considering the most recent exploit. They do, however, like to reassure you that the stableswap, the central concept, is still solid and has been functioning admirably.
They anticipate that Platypus will continue to develop and strengthen as they work towards decentralization. To the group’s advantage, the team is dedicated to presenting and delivering cutting-edge features at all times. By collaborating, they may create more cutting-edge capabilities and provide more to the system.
