Platypus is recovering from its hack – Last week, the protocol Platypus Financeevolving on the blockchain Avalanche, has been hacked. In total, the attacker stole at least $8.5 million in the protocol pools. Now, Platypus is trying to remake itself.
8.5 million dollars flew on Platypus
Platypus is a DeFi protocol that operates on the Avalanche blockchain. This offers several services, including a DEX, yield farming pools and an in-house stablecoin, the USP.
Unfortunately, on February 17 in the early morning, the teams of Platypus announced that they had been the target of an attack.
In fact, the striker took advantage of a fault in the mechanism of credit check stablecoin USP. The latter therefore took out a flash loan to exploit the error and steal $8.5 million from the protocol’s main pool.
Obviously, this attack had a dramatic impact on the USP course. Indeed, it quickly lost more than half of its value and is currently trading around $0.34a far cry from its dollar standard.
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A compensation plan planned for the victims of the hack?
Fortunately for the Platypus teams, many companies have come to the aid of the protocol to follow and try to recover some of the funds.
Thus, several hours after the attack, the company BlockSec announced that they were able to recover 2.4 million USDC from the attacker’s smart contract. This operation reduced the damage to $6.1 million.
Finally, on February 18, the Platypus teams returned to the community to to propose A compensation plan :
“We are working on a plan to compensate for the losses. Please DO NOT REFUND your USPs at a loss! It would be easier for us to deal with the damage. Plus, you don’t have to worry about liquidations, as those are on hiatus. »
Platypus explains thatpart of the stolen funds have been filed on the protocol Aave. The teams are therefore currently looking for a way to recover these funds via a governance proposal on Aave. Subsequently, it will be very likely that Platypus will use the funds of its cash to repay users harmed by the attack. Finally, Platypus will also have to find a solution to restore the standard of its USP stablecoin.
Maybe Platypus could have avoid this attack by being the subject ofaudits thorough. In some cases, tools, such as ChatGPTmay turn out to be strong allies for finding flaws in smart contracts.
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