Platypus DeFi loses $2.2M in another flash loan exploit

Decentralized concern (DeFi) protocol Platypus has mislaid implicit $2 cardinal successful assets aft suffering different flash indebtedness exploit connected its platform. The protocol suspended each of its pools successful effect to the attack. 

According to the blockchain information level CertiK, the DeFi level suffered 3 attacks, with $2.23 cardinal taken crossed the exploits. On Oct. 12, the archetypal onslaught took place, extracting $1.2 cardinal from the platform. A 2nd onslaught occurred hours later, stealing $575,000 worthy of assets from the platform. Just a infinitesimal later, the 3rd onslaught occurred, with $450,000 successful assets lost.

Due to suspicious activities successful our protocol, we person taken the proactive measurement of temporarily suspending each pools.
Further updates volition beryllium communicated to the assemblage successful a timely manner.
Thank you for your patience and knowing during this time.

Platypus is an automated marketplace shaper (AMM) protocol that allows integer assets to beryllium traded automatically by utilizing liquidity pools alternatively of the much accepted markets wherever determination are buyers and sellers. The level raised $3.3 cardinal successful 2021 successful a backing circular led by the now-bankrupt Three Arrows Capital. 

In a flash indebtedness attack, traders exploit a vulnerability that would let them to instantaneously get crypto without providing the indispensable collateral for the transaction.

Related: Exploits, hacks and scams stole astir $1B successful 2023: Report

CertiK noted that the caller flash indebtedness onslaught is the 3rd onslaught connected Platypus successful 2023. On Feb. 16, the protocol lost $8.5 cardinal successful a akin exploit, which besides led to the depegging of the Platypus USD (USP) stablecoin, driving its terms from $1 to $0.48. According to CertiK, the protocol besides mislaid astir $157,000 successful a flash indebtedness exploit successful July.

In March, the DeFi protocol created a compensation portal for victims who mislaid their assets successful the February attack. The portal was utilized truthful that users could verify however overmuch compensation they could get from the level and let them to rise their concerns earlier the funds were distributed.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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