Platypus regains 90% of funds from exploit, will not pursue legal action
Platypus Finance, a decentralized finance protocol on the Avalanche blockchain, has recovered 90% of its assets following a recent security breach involving flash loan attacks. Platypus Finance, a DeFi protocol operating on the Avalanche blockchain, announced the recovery of 90% of the assets lost to a security breach last week. On Oct. 12, the platform fell victim to three flash loan attacks, which resulted in the theft of $2.23 million. A flash loan attack is an exploitation in which hackers manipulate vulnerabilities to borrow cryptocurrency without the requisite collateral, effectively draining the protocol of its assets and causing bad debt for its users or treasury. 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 By Oct. 17, the protocol’s develop...