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 <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> 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’ <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> 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 <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a>s a vulnerability allowing instantaneous crypto borrowing without furnishing the necessary collateral, subsequently withdrawing the borrowed <a rel="noopener noreferrer nofollow" title="assets" href="https://thebittimes.com/tag/assets.html">assets</a> 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" title="90% of the assets lost" href="https://thebittimes.com/tag/90-of-the-assets-lost.html">90% of the assets lost</a> in the <a rel="noopener noreferrer nofollow" title="exploit" href="https://thebittimes.com/tag/exploit.html">exploit</a> are <a rel="noopener noreferrer nofollow" title="recovered" href="https://thebittimes.com/tag/recovered.html">recovered</a> by <a rel="noopener noreferrer nofollow" title="Platypus Finance." href="https://thebittimes.com/tag/platypus-finance.html">Platypus Finance.</a> appeared first on BitcoinWorld.
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/90-of-the-assets-lost-in-the-exploit-are-recovered-by-platypus-finance-tbt67063.html">https://thebittimes.com/90-of-the-assets-lost-in-the-exploit-are-recovered-by-platypus-finance-tbt67063.html</a>

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

TheBitTimes

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