Platypus Finance Suffers Second Hack, Loses $2 Million in Flash Loan Attack

Blockchain analytics firm PeckShield reveals a second hack on Platypus Finance, resulting in a $2 million AVAX loss.
Platypus Finance Suffers Second Hack, Loses $2 Million in Flash Loan Attack

Due to inadequate security measures, Platypus this year saw its third wave of attack and lost more than $2 million.

Using a method known as a “flash loan attack,” hackers had taken money by borrowing digital currency without posting any security. According to CertiK’s analysis, there were three attacks on the DeFi platform, which cost $2.23 million. The first attack on October 12 cost $1.2 million, the second on October 13 cost $575,000, and the third on October 14 cost $450,000 in asset losses.

In contrast to conventional ways, Platypus offers automated electronic trading of virtual currency. They received funding in 2021, however they are no longer involved.

In 2023, the platypus has begun his third attack. They suffered a loss of $8.5 million in February due to the decline in the value of its digital currency, Platypus USD. They suffered a further loss of around $157,000 in July. They developed a strategy for paying February victims for their losses in March. Before receiving a refund, users can confirm their eligibility and voice any complaints.

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