There has been a development in the Platypus Finance exploit that took place last week. The DeFi Altcoin project announced that it recovered 90% of the stolen assets. Under the agreement, the project developers will not take legal action against the hacker.
Platypus Finance got back the funds it lost in the last attack!
Decentralized finance (DeFi) protocol Platypus Finance suffered a security breach last week. In a recent development, the DeFi altcoin project announced that it has recovered 90% of the assets stolen by hackers. According to the October 17 announcement, the protocol’s net loss was limited to “18,000 AVAX,” worth $167,400 at the time of publication.
Meanwhile, Platypus Finance stated that the hacker returned the funds voluntarily. Therefore, they noted that they guaranteed that they would not take any legal action. The developers also hinted that withdrawal information regarding users’ assets will be published soon. In this regard, the DeFi altcoin project shared the following statement on their social media X accounts:
After successful negotiations, we are making good progress and 90% of the funds stolen from the sAVAX pool have now been successfully returned by the exploiter. As promised, Platypus assures that no legal action will be taken. With the recovery on October 12, more than 90% of the funds were recovered. Net loss has been reduced to approximately 18 thousand AVAX. We will release more information about withdrawal regulation as we progress.
2/ Along with the recovery on Oct 12, over 90% of the funds have been recovered. The net loss has been minimized to approximately 18k AVAX. We will release further information on withdrawal arrangement as we progress.
— Platypus 🔺 (🦆+🦦+🦫) (@Platypusdefi) October 17, 2023
Following the announcement, the altcoin price started to rise. The token was trading at $0.009287 at press time, up 9.6%. While PTP price was at $0.0085 during the day, it rose to $0.0098. Then he retreated a bit. Meanwhile, the token is still in the red zone with over 35% on a weekly basis due to the attack.
DeFi altcoin project was hacked multiple times and lost funds
cryptokoin.comAs you follow from , on October 12, the automated market maker running on the Avalanche Blockchain was subject to three separate flash loan attacks that drained the protocol of $2.23 million. The DeFi altcoin project raised $3.3 million in 2021, led by the now-defunct crypto hedge fund Three Arrows Capital. Since the last attack, Platypus developers have shut down all liquidity pools. Additionally, it is conducting a security audit. In a ‘flash loan’ attack, a hacker exploited a vulnerability that allowed them to borrow crypto instantly without providing the required collateral for the transaction. The hacker then withdrew the borrowed assets from the protocol. Thus, leaving a debt for users or the protocol treasury to shoulder.
This was the third attack against Platypus this year. The previous attack took place in July. In this case, he lost $157,000 through a ‘flash loan’ attack. Additionally, $8.5 million was withdrawn using the DeFi altcoin protocol, again with a ‘flash loan’ attack. Following the incident in February, Platypus claimed that it would return at least 63% of users’ assets lost in the attack through its recovery plan.
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