Platypus Finance, a DeFi protocol, has built a portal that allows users to see how much the platform owes customers after the recent $9.1 million exploit. On February 16, the DeFi protocol was subjected to a flash loan attack. Platypus revealed an $8.5 million loss from their primary pool at the time. The team also validated the second and third instances, which resulted in another $667,000 being abused, for a total loss of around $9.1 million. As a result, the Platypus USD (USP) stablecoin broke its peg, despite the US dollar plunging more than 50% at the time.
CertiK, a blockchain security firm, tweeted the flash loan attack on the Avalanche-based stable swap platform, along with the suspected attacker’s contract address. Platypus later acknowledged the hack on Twitter, and a moderator in Platypus’ Telegram channel verified that the company had ceased trading. The firm also claimed that they contacted the hacker to negotiate a payout. According to a post-mortem assessment by Platypus auditor Omniscia, the attack was possible due to the code being in the wrong order.
On February 23, the team revealed that they intend to re-mine frozen stablecoins in order to restore about 78% of the main pool funds. According to the protocol’s most recent update, they have created a website that allows viewers to confirm how much remuneration they may get from the platform. The page is divided into parts that help consumers know how much money they are entitled to following the exploit. This provides an overview, a net value before the attack, and post-attack adjustments.
The team also stated that reimbursements are their top priority at the moment, and they are striving to collect any residual funds. They further stated that if anybody discovers mistakes in the estimates, a form should be submitted with accompanying proof before March 3, 11:59 p.m. UTC. The DeFi protocol said that once all feedback is received, the estimates would be finalized. Following that, customers will have the chance to collect their first compensation in March.
