Tag: Platypus
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Platypus Finance Hackers Acquitted: ‘Ethical Hacker’ Defense Prevails
In a recent court case that Le Monde reported, a French court cleared the people accused of planning the $8.5 million hack of Platypus Finance, an Automated Market Maker protocol running on the Avalanche blockchain in February 2023, of all charges. The court’s ruling that “French criminal law does not technically outlaw hacks of protocol”…
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Attackers Behind $9M Platypus DeFi Exploit Acquitted by French Court: Report
The court found that the exploiters acted in good faith, according to the report, after one of them – identified by Le Monde as Mohammed M – argued that he was an “ethical hacker” who was taking the “endangered funds” so he could return them to the protocol later. The report said he’d hoped to…
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Authorities in France Arrest Duo Involved in Platypus Exploit
Of the $9 million in stolen assets, Platypus said it has recovered 2.4 million USDC and 687,000 BUSD, it has also worked with Tether to freeze 1.5 million USDT. French police seized approximately $220,000 worth of crypto as part of the arrest. USDC, USDT and BUSD are all stablecoins that are designed to reflect the…
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DeFi Protocol Platypus to Repay at Least 63% of User Funds After $9M Hack
The Avalanche-based protocol worked with crypto exchange Binance to identify the exploiter responsible for the exploit last week. Source link
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How Solvency Check Error Led to USP Depegging on Avalanche Based Platypus Finance
Platypus Finance’s native stablecoin fell to 48 cents from $1 earlier on Friday following the attack. Source link
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USP Stablecoin Loses Dollar Peg as DeFi Protocol Platypus Suffers $8.5M Attack
The flash loan attack caused Platypus Finance’s native stablecoin to fall to 48 cents from $1. The potential loss is $8.5 million, according to blockchain security firm CertiK. Source link
