Platypus Finance provides recovery estimates after flash loan attack Platypus Finance provides recovery estimates after flash loan attack
The recently-hacked DeFi platform is preparing to return funds to users.
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Updated: Feb. 28, 2023 at 10:45 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Platypus Finance has launched a portal that will allow users to see how much compensation they are owed, according to a post from the project on Feb. 28.
The DeFi platform was originally attacked on Feb. 16 when attackers used flash loans on the Avalanche blockchain to exploit the project for $9 million.
The project said that user claims should begin in March.
Platypus managed to directly recover $2.4 million of stolen funds in the days following the attack. The company previously said that it plans to return 63% of stolen funds to users.
The firm also said that it might be able to recover as much as 78% of user funds if external efforts succeed. Specifically, the project plans to have Aave restore erroneously transferred assets and have Tether remint USDT that were frozen post-attack. Today’s announcement did not make reference to those efforts, which appear to be ongoing.
French police have also arrested two suspects in connection to the attack, according to a tweet from law enforcement on Feb. 24. The police additionally seized 210,000 euros ($222,100) of cryptocurrency in connection with the attack.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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