Coinspeaker
DeFi Protocol Platypus Announces Major Compensation after $9M Hack
In a major announcement on Thursday, February 23, decentralized finance (DeFi) for stablecoins – Platypus Finance – announced a major compensation to users affected in the recent exploit.
In a major exploit, hackers drained more than 49 million from the protocol last week. Platypus said that it would repay a minimum of 63% of the funds to its users after it recovered the funds. In order to confirm the exploiter’s identity DeFi protocol Platypus worked with crypto exchange Binance.
The hacker was using a Binance account that went through KYC checks for a withdrawal request. DeFi protocol Platypus said that they have contacted law enforcement and filed a complaint in France.
In the Platypus hack last week, the hacker exploited a bug in the platform’s solvency check mechanism. As a result, the hacker managed to steal $9.2 million worth of digital assets causing the platform’s native stablecoin USP to
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