Feb 26, 2023

French Police Arrest Suspects in $9.1M Crypto Exploit

The French police have arrested two suspects in connection with Platypus’ massive $9.1 million exploit, seizing 210,000 euros worth of cryptocurrency in the process. The decentralized protocol was compromised in three separate flash loan attacks, which were supported by on-chain sleuth ZachXBT and crypto exchange Binance.

The Police Nationale, France’s national police force, announced the arrests and seizure on Twitter, noting the “escroquerie d’ampleur” (large-scale fraud) and the $9.5 million in damages to the American cryptocurrency exchange.

The attacks resulted in the theft of several stablecoins and other digital assets. The first attack resulted in the theft of approximately $8.5 million, while the second resulted in 380,000 assets being mistakenly sent to the Aave v3 contract. The third attack saw roughly $287,000 stolen, and the USP stablecoin depegged from the US dollar.

The perpetrator used a flash loan method to exploit a logic error in the USP solvency check mechanism within the collateral-holding. This same method was used by Avi Eisenberg, the perpetrator of the Mango Market exploit in October 2022. Eisenberg was arrested in Puerto Rico on fraud charges on Dec. 28.

Platypus has announced a plan to return funds to affected users, with 63% of the main pool funds to be returned within six months. Reminting frozen stablecoins could result in 78% of the funds being recovered, and the protocol has submitted a proposal to Aave and is awaiting confirmation from Tether.

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