A potential suspect has been identified over the $8.5 million attack on decentralized finance protocol Platypus, which saw $8.5 million drained from the protocol.
Platypus later confirmed the hack on Twitter, while a moderator of Platypus’ Telegram group confirmed that Platypus has halted trading.
“The attacker used a flashloan to exploit a logic error in the USP solvency check mechanism in the contract holding the collateral.” Platypus confirmed a loss of “8.5 million” from its main pool and said that deposits were covered at 85%. Other pools were unaffected. The company has contacted the hacker to negotiate a bounty for the return of the funds.
Tether Holdings has frozen the USDT stolen, and Platypus had reached out to Circle and Binance to freeze other stolen tokens.We regret to inform you that our protocol was hacked recently, and the attacker took advantage of a flaw in our USP solvency check mechanism. They used a flashloan to exploit a logic error in the USP solvency check mechanism in the contract holding the collateral.
"I've traced addresses back to your account from the @Platypusdefi exploit and I am in touch with their team and exchanges. We'd like to negotiate returning of the funds before we engage with law enforcement," said ZachXBT.since you deactivated your account after I messaged you.exploit and I am in touch with their team and exchanges.
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