Platypus USD (USP), the stablecoin of Avalanche (AVAX)-based Platypus Finance, lost the dollar after the $8.5 million flash loan attack.
blockchain security firm CertiK Decentralized finance (DeFi) protocol Platypus Finance, in a post shared by flash loan reported to have been attacked. potential loss in the attack in question. 8.5 million dollars was stated. CoinGecko stablecoin of the protocol after the attack according to its data USP losing its stability It lost the price of $1 and went to $0.48 fell.
Made by Platypus in the statement While it was stated that the attack was caused by a vulnerability in the USP payment mechanism, $ 8.5 million loss was confirmed:
Dear community, we regret to report that our protocol was recently hacked and the attacker exploited a flaw in our USP mechanism. They used a flash loan method, exploiting a logic error in the USP control mechanism in the contract holding the collateral. There was a total loss of 8.5 million from the main pool.
Team with hacker bargaining for a reward in exchange for the return of funds He stated that he had been contacted to do so. Since the attacker did not withdraw the assets obtained through the smart contract, the amount is currently $ 8.5 million locked in smart contract contract stands.
on the other hand Binance, Tether (USDT) And Circle Stating that they are in contact with the company to freeze the stolen funds, Platypus continues to work on compensation options for investors affected by the attack.
Total locked asset (TVL) value $59 million native tokens of the protocol Platypus Finance (PTP) And USP suffered serious losses. PTP 0.1449 from dollar levels 0.08749 USP, which should be stable to 1 dollar while falling to dollar levels, more than 50%a slumped to $0.48.