Feb 18, 2023

$8M Platypus Flash Loan Attack Explained: Misordered Code To Blame

The recent $8m Platypus flash loan attack has been attributed to misordered code in the Platypus MasterPlatypusV4 contract, according to a post mortem report from Platypus auditor Omniscia. The code the auditors saw did not contain the misordered lines of code, suggesting that the developers must have deployed a new version of the contract after the audit.

The report revealed that the problematic code was in the emergencyWithdraw mechanism, which performed its solvency check before updating the LP tokens associated with the stake position. This misordering of the code allowed the attacker to exploit the smart contract and steal the funds.

The Platypus team has attempted to contact the hacker and get the funds returned in exchange for a bug bounty. The Platypus team also confirmed that the attacker exploited a “flaw in [the] USP solvency check mechanism”. This attack was similar to the Defrost Finance exploit of Dec. 25, which also used flashed loans to perform the exploit.

To prevent similar attacks in the future, the Platypus team is looking into ways to improve the security of their smart contracts. The team is also exploring the use of NFTs to promote their platform and attract new users. NFTs are digital tokens that represent a unique asset, and they are becoming increasingly popular in the crypto space.

The Platypus team is looking to hire a web3 agency to help them with their NFT marketing efforts. The agency will be responsible for developing and executing a comprehensive NFT marketing strategy, including Twitter NFT marketing. The agency will also help the Platypus team sell NFTs, which will serve as a way to reward users and promote the platform.

The Platypus team is confident that the use of NFTs will help them build a stronger community and attract more users to their platform. This, in turn, will help the team mitigate the risk of future exploits. The team is also confident that the use of NFTs will help them generate more revenue, as they will be able to monetize their NFTs.

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