{"id":173411,"date":"2023-10-13T10:57:16","date_gmt":"2023-10-13T05:27:16","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=173411"},"modified":"2023-10-13T10:57:16","modified_gmt":"2023-10-13T05:27:16","slug":"defi-protocol-platypus-finance-loses-over-2m-in-another-flash-loan-attack-report-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/defi-protocol-platypus-finance-loses-over-2m-in-another-flash-loan-attack-report-crypto-news\/","title":{"rendered":"DeFi Protocol Platypus Finance Loses Over $2M in Another Flash Loan Attack: Report &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Decentralized finance (DeFi) protocol Platypus Finance has suffered yet another flash loan exploit that resulted in the loss of over $2 million.<\/p>\n<p>Blockchain security firm PeckShield was the first to alert the community about the hack on October 12th, shortly after which the platform announced temporarily suspending all pools. On-chain data also suggest that the perpetrators specifically target the AVAX-sAVAX liquidity pool.<\/p>\n<ul>\n<li>According to CertiK\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CertiKAlert\/status\/1712374693943021990\" data-wpel-link=\"external\">investigation<\/a>, two malicious entities stole approximately $1.3 million worth of wrapped AVAX (WAVAX) and around $913,000 in liquid-staked AVAX (sAVAX).<\/li>\n<li>The DeFi protocol is yet to release a post-mortem report and verify the amount of digital assets stolen but has revealed initiating an investigation into the matter.<\/li>\n<\/ul>\n<blockquote>\n<p>\u201cDue to suspicious activities in our protocol, we have taken the proactive measure of temporarily suspending all pools. Further updates will be communicated to the community in a timely manner. Thank you for your patience and understanding during this time.\u201d<\/p>\n<\/blockquote>\n<ul>\n<li>Platypus is an Automated Market Maker (AMM) protocol that operates on the Avalanche blockchain, primarily designed for the exchange of stablecoins.<\/li>\n<li>The platform secured $3.3 million in funding during a round spearheaded by Three Arrows Capital in 2021, which has since declared bankruptcy.<\/li>\n<li>This isn\u2019t the first time the protocol fell victim to a flash loan attack. In February, Platypus Finance experienced a devastating loss of more than $8.5 million.<\/li>\n<li>During this incident, the attackers exploited a vulnerability within Platypus Finance\u2019s native stablecoin\u2019s USP solvency check mechanism, deceiving the smart contracts into believing that USP was fully backed.<\/li>\n<li>By September, the team behind the DeFi protocol had successfully recovered approximately 61.7% of the initial losses suffered by their liquidity pools during the USP exploit. To further compensate, they accessed a reserved treasury and initiated a second phase of recovery on September 26.<\/li>\n<\/ul>\n<div class=\"code-block code-block-12\" style=\"margin: 8px 0;clear: both\">\n<div><span style=\"font-size:11px;color: gray\">SPECIAL OFFER (Sponsored)<\/span><br \/>\n<b>Binance Free $100 (Exclusive): <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/pl\/binancebanner\" data-wpel-link=\"internal\">Use this link<\/a> to register and receive $100 free and 10% off fees on Binance Futures first month<\/b> (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/buy-bitcoin-5-easy-steps\/\" data-wpel-link=\"internal\">terms<\/a>).<\/p>\n<p><b>PrimeXBT Special Offer: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/pl\/primexbt2\" data-wpel-link=\"internal\">Use this link<\/a> to register &amp; enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.<\/b><\/p>\n<\/div>\n<\/div>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Decentralized finance (DeFi) protocol Platypus Finance has suffered yet another flash loan exploit that resulted in the loss of over $2 million. Blockchain security firm PeckShield was the first to alert the community about the hack on October 12th, shortly after which the platform announced temporarily suspending all pools. On-chain data also suggest that the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":173412,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-173411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=173411"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173411\/revisions"}],"predecessor-version":[{"id":173414,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173411\/revisions\/173414"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/173412"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=173411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=173411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=173411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}