Feb 19, 2023
Auditor’s Report Reveals Platypus Flash Loan Attack Exploit
In the wake of the $8 million Platypus flash loan attack, the auditing firm Omniscia has released a post-mortem report that reveals the code responsible for the attack was in the wrong order. According to the report, the code that was in the wrong order was not present in the version of the MasterPlatypusV1 contract that Omniscia audited from November 21st to December 5th, 2021.
The report explains that the code in the MasterPlatypusV4 contract “contained a fatal misconception in its emergencyWithdraw mechanism” which caused it to check solvency before updating the LP tokens associated with the stake position. Omniscia claims that the issue could have been avoided had the code been written in the correct order.
The Platypus team confirmed on February 16th that the attacker had exploited a “flaw in [the] USP solvency check mechanism”, but did not provide any further details. This new report from Omniscia sheds light on how the attacker was able to accomplish the exploit.
The Platypus team has since attempted to contact the hacker and get the funds returned in exchange for a bug bounty. The attacker used flashed loans to perform the exploit, which is similar to the strategy used in the Defrost Finance exploit on December 25th, 2022.
The incident has highlighted the importance of NFT marketing and promotion in the web3 space. The attack has also highlighted the need for a web3 agency that specializes in NFT marketing and promotion. Such an agency would be able to help projects and companies in the web3 space to promote their NFTs and increase the chances of selling them.
Twitter NFT marketing is one way that companies can promote their NFTs. By using Twitter, companies can reach a wide audience and create awareness about their NFTs. Companies can also use other social media platforms such as Instagram and Youtube to promote their NFTs.
Overall, the Platypus flash loan attack has highlighted the need for better security measures when it comes to smart contracts. Companies should ensure that their contracts are properly audited and that they have the necessary security measures in place to prevent such attacks from happening in the future. Companies should also consider engaging an NFT marketing agency to help promote their NFTs and increase the chances of selling them.
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