Feb 19, 2023

Auditor: Wrongly-Ordered Code Enabled $8M Platypus Attack

The recent $8 million Platypus flash loan attack was made possible due to a coding error, according to a post-mortem report from the platform’s auditor Omniscia. The auditing company stressed that the problematic code was not present in the version of the MasterPlatypusV1 contract they audited from November 21 to December 5, 2021.

The report claims that the MasterPlatypusV4 contract “contained a fatal misconception in its emergencyWithdraw mechanism,” which led it to perform its solvency check before updating the LP tokens associated with the stake position. The issue could have been prevented if the code had been re-ordered so that the solvency check was performed after the user’s amount entry had been set to zero.

The Platypus team confirmed on February 16 that the attack had exploited a “flaw in [the] USP solvency check mechanism”, but did not provide further details. This new report from the auditor sheds more light on how the attacker was able to accomplish the exploit.

The code that was exploited was found in the Avalanche C-Chain address 0xc007f27b757a782c833c568f5851ae1dfe0e6ec7, which contained a function called “isSolvent” on the PlatypusTreasure contract. The lines of code that set the user’s amount, factor and rewardDebt to zero were written after the “isSolvent” function had already been called.

The Platypus team has attempted to contact the hacker to retrieve the funds in exchange for a bug bounty. The attacker used a flashed loan to perform the exploit, similar to the strategy used in the Defrost Finance exploit on December 25, 2022.

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