Platypus Finance Repays 63% of Funds After $9M Hack
- Platypus Finance, a decentralized-finance (DeFi) protocol for stablecoins, has announced that it will repay at least 63% of funds to users after last week’s attack.
- The hacker used a Binance account that went through know-your-customer checks and Platypus managed to recover part of the stolen digital assets with the help of blockchain security firm BlockSec.
- The protocol also worked with crypto exchange Binance to confirm the exploiter’s identity and has filed a complaint in France.
Exploit Details
Last week, an exploit occurred in the Platypus platform’s solvency check mechanism which allowed hackers to steal $9.2 million worth of digital assets. This included Circle’s USDC, Tether’s USDT, Maker’s DAI and Paxos’ binance USD from the protocol’s main pool. The exploit consisted of three consecutive attacks: the first attack drained a total of $8.5 million in stablecoins while the second mistakenly transferred $380,000 worth of stablecoins to lending protocol Aave.
Recovery Efforts
Platypus was able to recover $2.4 million of stolen USDC stablecoins with the help of blockchain security firm BlockSec. Additionally, Tether froze $1.5 million worth of stolen USDT tokens. The protocol has submitted a proposal to Aave’s governance forum for the release of those assets and some $287,000 worth were also recovered from other sources according to its blog post on Thursday.
Binance Collaboration
Platypus worked with crypto exchange Binance to identify the exploiter responsible for last week’s attack and contacted law enforcement as well as filing a complaint in France regarding this incident.