Platypus Launches Compensation Tracking Portal for its $9.1M Hack Victims

Image Source: BlueWillow AI

In response to the recent $9.1 million security breach, Platypus Finance has established a compensation webpage for its customers.

Users are able to check how much the platform owes them by using this portal, which operates in accordance with the decentralized finance (DeFi) protocol.

The Platypus team clarified that in the event that customers uncover flaws in the calculations, they are required to provide the relevant documentation together with a form no later than Friday.

The Platypus reimbursement portal is a response to an announcement made by the team on February 23 stating that they would restore about 78 percent of the monies from the primary pool.

It has been reported that it is feasible to get this reimbursement for reminting locked stablecoins. The previous week, Platypus stated:

“At this time, we are in the process of holding discussions with a variety of partners to assist with the recreation of stablecoins that were ensnared in the attack contract.

After finding stablecoins, we will proportionally redistribute the newly generated tokens to the LPs.

In addition, the decentralized financial network mentioned that it was working with the Aave protocol to retrieve the funds that had been locked.

Yet, the request to collect the assets worth $380,000 that were locked away will first be put to the vote in Aave’s governance forum.

We will be able to recover about 78% of the user’s assets if the request that we have filed to Aave is accepted and Tether certifies that they will be reminting the frozen USDT.

In addition, Platypus intended to ” create a recovery contract that will move the stolen monies from the Aave pool to [its] contract.”

After gathering this information, the Platypus team also announced two other loss instances, leading to an additional $667,000 being stolen.

As per Platypus, the second attack led to roughly 380,000 assets being drained from the protocol, whereas the third hack resulted in approximately 287,000 assets being drained.

When everything was said and done, their losses added up to a grand total of $9.1 million.


Platypus Compensation Portal Info

The Platypus reimbursement page, which was just built, offers information about the amount of compensation consumers can obtain. This information is split down further into modifications made to the overall sum and the sum’s pre-attack and post-attack net values.

The DeFi protocol stated that final refund estimates would occur after receiving feedback from all users.

In addition, consumers were able to submit their claims for the first round of compensations in March.

At this period, French authorities have taken two people into custody in connection with the exploit and seized around 222,000 euros’ worth of digital assets on Saturday.

According to Platypus, a big cryptocurrency exchange called Binance and a digital currency sleuth named ZachXBT have voiced their support for the arrests.


Platypus Hack Details

On February 16, Platypus was the victim of a flash loan hack, which resulted in the Platypus USD (USP) stablecoin deviating from its peg to the US dollar. The DeFi protocol has acknowledged an initial loss of $8.5 million from its main pool at the time. Platypus said (2) the following in a tweet on February 17:

“The hacker who gained access to our network exploited the recently discovered vulnerability in our USP solvency verification process.”

The DeFi protocol also noted that the attack took advantage of a logic flaw in the USP solvency check process. This information was included in the protocol. Platypus said that this hacked solvency check function is located in the contract that holds the collateral.

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