French Police Arrest 2 People Associated with Platypus Hack

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According to local authorities, two suspects have been detained by French police in connection with the $9.1 million Platypus exploit, and 210,000 euros ($222,000) worth of cryptocurrency has also been confiscated.

As per Platypus, Binance and on-chain detective ZachXBT both assisted in the investigations that resulted in the convictions. In three flash loan assaults on February 16, the decentralized protocol was compromised by the same exploiter.

Several stablecoins as well as other digital content were stolen as a consequence of similar and multiple hacks. The first assault led to the theft of assets worth about $8.5 million. In the later case, assets worth roughly $380,000 were transferred to the Aave v3 contract

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About $287,000 was taken during the third assault. The Platypus USD (USP) stablecoin was depegged from the US as a consequence of the attack.

According to Platypus, attackers used a flash loan technique to investigate a logic error in the USP solvency check mechanism within the collateral-holding. However, there has been no impact on the stable swap activities.

Platypus to Reimburse Customers

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On February 23, Platypus made a plan to reimburse impacted customers. The protocol states that 63% of the money from the primary pool will be returned in just six months. According to the proposal, 78% of the money could be recovered by minting frozen stablecoins. The protocol stated: 

“If our proposal submitted to Aave is approved and Tether confirms reminting the frozen USDT, we will be able to recover approximately 78% of user’s funds.”

Avi Eisenberg, a Mango Market hacker who took credit for the price manipulation of Mango (MNGO), used a flash assault. Mango Market disclosed the breach on its network in October 2022.

The DeFi platform claimed that a hacker had taken money from the platform using an oracle price manipulation. “all of our actions were legal open market actions, using the protocol as designed,” claimed Eisenberg. On December 28, he was detained in Puerto Rico on suspicion of theft.

 

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