Platypus Finance

Avalanche

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A decision has been reached by the project to refrain from taking legal action against the perpetrator. Platypus Finance, a decentralized finance (DeFi) protocol, reported the successful recovery of 90% of the assets pilfered in a security breach last week. As per the announcement on October 17, the protocol’s net loss was confined to 18,000 AVAX (AVAX), equivalent to $167,400 at the time of this statement. The hacker, opting to voluntarily return the funds, prompted Platypus Finance to assert that it “guarantees no pursuit of legal action.” Additionally, there’s a subtle hint that withdrawal details pertaining to users’ assets will soon be disclosed.
On October 12, the automated market maker operating on the Avalanche blockchain encountered three distinct flash loan attacks, depleting the protocol of $2.23 million. In 2021, the project secured $3.3 million in funding, spearheaded by the now-defunct crypto hedge fund Three Arrows Capital. Following the recent attack, Platypus has temporarily suspended all liquidity pools and initiated a comprehensive security audit. In a flash loan attack, a hacker exploits a vulnerability allowing instantaneous crypto borrowing without furnishing the necessary collateral, subsequently withdrawing the borrowed assets from the protocol, leaving a burden of bad debt for users or the protocol treasury.
This marks the third assault on Platypus this year, with a previous incident in July siphoning $157,000 through a flash loan attack. Another, also a flash loan attack, exploited the DeFi protocol for $8.5 million. Post the February incident, Platypus, in its recovery plan, pledged to restore at least 63% of users’ assets lost in the attack.
The post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/platypus-recovery/">90% of the assets lost in the exploit are recovered by Platypus Finance.</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

90% of the assets lost in the exploit are recovered by Platypus Finance.

ItsBitcoinWorld

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