Platypus Finance Responds to $9.1 Million Hack
Decentralized finance (DeFi) system Platypus Finance has been hacked, resulting in the loss of $9.1 million in stablecoins. In response, Platypus Finance has sought advice from security professionals to address two primary concerns: retrieving as much of the money as possible and revealing the hacker’s identity.
Platypus Finance Recovers 63% of Customer Funds
Platypus Finance has decided to return at least 63% of the funds to its connected consumers, using the $1.4 million it has on hand to pay the victims over a period of six months if necessary. The return of frozen funds by Tether and the recovery of a mistaken transaction with Aave would result in a total recovery of 78% of customer funds for Platypus Finance.
Binance Assists Platypus Finance in Identifying Hacker
Platypus Finance has reached out to Binance to help identify the hacker responsible for the $9.1 million hack. The alleged hacker utilized a Binance account that carries out KYC checks with a request for a withdrawal.
Three Phases of the Platypus Finance Hack
The $9.1 million hack of Platypus Finance occurred in three phases. In the first phase, $8.5 million was siphoned off in the form of stablecoins. The second phase involved the erroneous shifting of $380,000 in stablecoins to the lending protocol Aave, which Platypus Finance has requested be returned. In the third phase, $287,000 in belongings was siphoned off, which Platypus Finance believed would be impossible to retrieve due to the hacker’s use of Twister Money and Aztec Community. However, Platypus Finance was able to recover $2.4 million of USDC stablecoins with the assistance of BlockSec. Tether also froze $1.5 million of USDT on its own.