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  • $8.5 million stolen from DeFi platform Platypus

    The flash loan allowed a hacker to artificially disrupt the cryptocurrency market.

    Decentralized finance (DeFi) platform Platypus said on Feb. 16 that about $8.5 million in crypto was stolen by a hacker with whom the company is currently negotiating.

    According to Platypus, the attacker used an instant loan attack (Flash Loans), a type of fraud that involves obtaining a quick loan without collateral, which artificially raises the price of a digital coin, and then dumps the cryptocurrency at a profit.

    The company is working with blockchain security firm BlockSec to recover a $2.4 million worth of USDC token. The Platypus platform contacted the hacker to negotiate a reward in exchange for a refund. According to the platform, only 35% of Platypus user deposits are covered by other assets.

    Platypus is currently working with Binance, Tether and Circle to freeze the stolen funds and prevent further losses. The USDT token is now frozen. The company is also exploring options for compensation and damages to investors.

    Blockchain security researcher ZachXBT was allegedly able to trace the stolen funds to a Twitter account that was immediately deleted when trying to contact the owner of the profile. The expert explained that the account transaction history associated with the Platypus attack can be traced back to an OpenSea account that is linked to a Twitter account.

    Flash credit attacks have become one of the most popular ways for hackers to attack DeFi platforms. Some of the hackers behind instant credit attacks claim that they are not illegal, as the attackers are simply exploiting security flaws in the platform's code.

    Author DeepWeb
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