French Police Nabs 2 Hackers for the Recent Platypus Protocol Exploit

French Police Nabs 2 Hackers for the Recent Platypus Protocol Exploit

The two individuals believed to have exploited the Platypus Protocol have been taken into custody by the French National Police.

The police department confirmed the arrest after it was announced (1) on the official Twitter handle of the organization.

The authorities did not reveal the names of the individuals or the charges that have since been brought against them.

The authorities believe the suspects were engaged in a hack on the Platypus that cost $9.5 million. They have collected 210,000 euros (equivalent to $220,000) in cryptocurrency due to their investigation.

This arrest provides credibility to the culmination of efforts made by all stakeholders in the sector, which culminated in the finding of the culprits and ultimately resulted in this arrest.


The Platypus protocol would like to express gratitude to Binance, the largest cryptocurrency trading platform in the world, and ZachXBT, the most well-known crypto on-chain sleuth, for their assistance in determining the identities of the individuals who were exploiting the system.

Platypus stated that it had accomplished some further fund recoveries since the protocol was shown to be exploitable.

Tether Holdings has recovered a total of 687,000 BUSD and placed a hold on a total of $1.5 million worth of USDT, bringing the total amount of USDT that has been frozen to $1.5 million.

The Avalanche-based protocol also stated that its efforts following the hack resulted in the recovery of $2.4 million USDC, attributed to the cryptocurrency.

Platypus will not be the only protocol to be compromised over the past several months; nonetheless, it continues to be the one its fund restoration in the days following the attack has been the quickest.

Platypus was recognized as an industry leader for its innovative combination of a stableswap and a stablecoin, which enabled it to provide next-level capital efficiency by skillfully utilizing its underlying assets.

It utilizes the Platypus Dollar, often known as USP, which has been rendered worthless due to the hacking incident.

At the time of this writing, the price of USP in circulation is $0.322812, which has left the Platypus community in a state of considerable unease.


Reassuring Words Regarding the Platypus Protocol

In light of everything concerning the Platypus protocol, the core team said the hack did not impede the platform’s normal operations.

“We want to assure everyone that the operation of stableswap has not been compromised and will not be impacted in the future.

According to a statement released by the protocol a week ago, “Our analysis indicated that the bug causing the breach was a logic issue in the USP solvency check process within the collateral-holding contract,” the phrase first appeared in the sentence.

Since cybercriminals have kept coming up with new methods of wreaking havoc, exploits in the field of DeFi are becoming increasingly prevalent.

The hacking of Mango Markets, for which a suspect has been apprehended and is currently being tried by the United States Securities and Exchange Commission (SEC), is one of the most controversial crimes committed to date (SEC).

Using a flash loan flaw served as the attack vector for Mango Markets and Platypus.

Even though this flash loan was initially developed as a forward-thinking strategy for market trading, its application in recent years has been predatory.

At this time, Platypus has committed to providing complete compensation to all users of its platform who were adversely affected.

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