• Platypus Finance, a DeFi protocol for stablecoins was hacked last week for $9 million.
• The protocol managed to recover a portion of the funds and will repay at least 63% of users’ funds.
• Platypus worked with crypto exchange Binance to identify the hacker and has contacted law enforcement.
Platypus Finance Hack
Platypus Finance, a decentralized-finance (DeFi) protocol for stablecoins, suffered from an exploit that drained $9 million worth of digital assets last week. In response, the platform worked with crypto exchange Binance to identify the hacker responsible and contact law enforcement.
Funds Recovered
The Avalanche-based protocol managed to recover a part of the stolen funds by working with blockchain security firm BlockSec. Additionally, Tether froze $1.5 million worth of stolen USDT stablecoins. Platypus has also submitted a proposal to Aave’s governance forum for the release of another $380,000 worth of stolen assets that were mistakenly transferred there during the attack.
Repayment Plan
Given the successful recovery efforts, Platypus plans to repay at least 63% of user funds affected in the hack. This money will be returned back into user wallets via an automated process within 48 hours after its internal audit is complete and all necessary measures are taken against malicious actors involved in this attack.
Security Measures
To prevent similar attacks from occurring in future, Platypus has implemented additional security measures such as multi-signature wallets for fund management and real time solvency checks on transactions before confirmations occur onchain . It is also planning to introduce new features like staking rewards and tokenized incentives in order to encourage community participation in maintaining network security through audits and bug bounties programs among other initiatives.
Conclusion
By recovering some of its stolen funds and introducing enhanced security measures, Platypus aims to ensure that users can continue using their services safely while minimizing financial losses incurred due to this unfortunate incident.$287,000 worth