{"id":85632,"date":"2023-10-12T12:35:44","date_gmt":"2023-10-12T09:35:44","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85632"},"modified":"2025-09-13T00:30:48","modified_gmt":"2025-09-12T21:30:48","slug":"platypus-finance-protocol-hacked-for-2-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/platypus-finance-protocol-hacked-for-2-million\/","title":{"rendered":"Platypus Finance protocol hacked for $2 million"},"content":{"rendered":"<p>The DeFi project Platypus Finance on the <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-avalanche-avax\">Avalanche<\/a> network was the victim of an attack, losing around $2 million in digital assets. PeckShield analysts were the first to notice this.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Update: total loss >$2m <a href=\"https:\/\/t.co\/JnJQjn4Aik\">pic.twitter.com\/JnJQjn4Aik<\/a><\/p>\n<p>\u2014 PeckShieldAlert (@PeckShieldAlert) <a href=\"https:\/\/twitter.com\/PeckShieldAlert\/status\/1712367911766257912?ref_src=twsrc%5Etfw\">October 12, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Following the report of the hack, the project temporarily halted all liquidity pools due to suspicious activity.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Due to suspicious activities in our protocol, we have taken the proactive measure of temporarily suspending all pools.<br \/>Further updates will be communicated to the community in a timely manner.<br \/>Thank you for your patience and understanding during this time.<\/p>\n<p>\u2014 Platypus ? (?+?+?) (@Platypusdefi) <a href=\"https:\/\/twitter.com\/Platypusdefi\/status\/1712365385100689584?ref_src=twsrc%5Etfw\">October 12, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Likely, the attacker exploited a flash-loan vulnerability targeting AVAX-sAVAX pools. No official comments on the vulnerability have been released yet.<\/p>\n<p>Platypus had previously <a href=\"https:\/\/u1f987.com\/en\/news\/platypus-defi-protocol-on-avalanche-loses-8-5-million-in-hack\">been subjected to an attack<\/a> in February this year, resulting in assets worth $8.5 million being withdrawn. Additionally, <a href=\"https:\/\/u1f987.com\/en\/news\/what-are-stablecoins\">the project&#8217;s stablecoin<\/a> USP lost its dollar peg following the breach.<\/p>\n<p>The team said the hacker used a flash loan and a logical error in the solvency-check mechanism in the collateral contract. Later, the French police <a href=\"https:\/\/u1f987.com\/en\/news\/two-suspects-arrested-in-france-over-platypus-attack\">detained<\/a> suspects in the attack.<\/p>\n<p>Funds in the main Platypus pool covered about 35% of user deposits. The developers are still paying compensation for the lost peg of the stablecoin. In total, they have returned around $1.3 million.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Update on USP compensation<br \/>1\/ We used the reserved treasury for the 2nd round of compensation today.<br \/>Please note that volatile asset values have fluctuated since the plan&#8217;s inception, resulting in a total refund of around 1.3m.<br \/>Compensation Page: <a href=\"https:\/\/t.co\/LYUuUsKR8b\">https:\/\/t.co\/LYUuUsKR8b<\/a><\/p>\n<p>\u2014 Platypus ? (?+?+?) (@Platypusdefi) <a href=\"https:\/\/twitter.com\/Platypusdefi\/status\/1706663230003954113?ref_src=twsrc%5Etfw\">September 26, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Immunefi, in the third quarter losses to the industry from hacks and frauds reached $685.5 million \u2014 59.9% higher than the same period last year.<\/p>\n<p>In October, the <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-web3\">Web3<\/a>-application Stars Arena on the <a href=\"https:\/\/u1f987.com\/en\/news\/friend-tech-clone-on-avalanche-hacked-for-3-million\">Avalanche<\/a> network lost 266,103 AVAX (~$3 million at the time of the attack) due to a serious security breach in the smart contracts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The DeFi project Platypus Finance on the Avalanche network was the victim of an attack, losing around $2 million in digital assets, PeckShield analysts were the first to notice.<\/p>\n","protected":false},"author":1,"featured_media":85633,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[44],"class_list":["post-85632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cybercrime"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=85632"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85632\/revisions"}],"predecessor-version":[{"id":85634,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85632\/revisions\/85634"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/85633"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=85632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=85632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=85632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}