Mar 01, 2023
DeFi Protocol Launches Portal to View Exploit Compensation
The decentralized finance (DeFi) protocol Platypus Finance has launched a portal to enable users to view how much the platform owes them following the recent $9.1 million exploit.
On February 16th, Platypus suffered a flash loan attack, resulting in the Platypus USD (USP) stablecoin breaking its peg to the U.S. dollar. The firm confirmed a loss of around $8.5 million from its main pool and announced that they had contacted the hacker to negotiate a bounty. The attack was possible due to code in the wrong order, according to a post-mortem report from Platypus auditor Omniscia.
In response, the team created a compensation plan for users’ funds. On February 23rd, they announced that they were seeking to return around 78% of the main pool funds by reminting frozen stablecoins. Two additional incidents were also confirmed, leading to a further $667,000 being exploited, bringing total losses to around $9.1 million.
The team has now launched a page that allows viewers to check how much compensation they can receive from the platform. It contains several sections that explain the pre-attack net value and post-attack adjustments. If anyone finds errors within the calculations, they can submit a form and supporting evidence before March 3rd, 11:59 pm UTC. The DeFi protocol will then finalize the calculations and the first compensation will be available for users to claim in March.
Platypus has stated that refunds are their top priority and they are working to recover any remaining funds. Additionally, French police have arrested two suspects related to the hack and seized around $222,000 worth of crypto assets on February 25th. This was supported by crypto sleuth ZachXBT and the Binance exchange.
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