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.
1 min read
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.
Mentioned in this article
Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
Latest Avalanche Stories
Featured Story
Advertise Here
In this article
Avalancheย is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.
Tether
$1.00090
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.