http://jaberwalk.victoryc.hop.clickbank.net/
Ad
The DeFi application Platypus Finance has suffered a $9 million attack, according to a series of tweets from the blockchain security firm CertiK on Feb. 16.
That report states that an attacker used flash loans on the Avalanche (AVAX) blockchain to exploit a function in one of Platypus’ smart contracts.
The attacker deposited $44 million of stablecoins into the application. With the assets obtained, the attacker could mint a similar amount of Platypus’ USP stablecoin (41.79 million USP). The attacker then exploited an emergency withdrawal function to access the original $44 million deposit and the minted USP. Finally, the attacker swapped the USP for other assets before paying back the loan.
The final difference, and the estimated loss for Platypus, was $9 million. Most of the stolen funds reportedly remain in the attacker’s contract address, though some have been sent to certain pools. Presumably, a portion of that amount can be returned or recovered.
Platypus confirmed the flash loan attack in a message on Telegram and Discord. It wrote that it is assessing the situation and will pause operations.
This line of attack is not unique to Platypus. Several other DeFi platforms have been targeted by flash loans in recent months, including Mango Markets in October, New Free DAO in September, Nirvana Finance last July, and Deus DAO last April.
Journalist at CryptoSlate
Mike trained in library and information sciences before moving into crypto writing in 2018. He lives on the West Coast of Canada.
Connect your wallet, trade with Orion Swap Widget.
Directly from this Widget: the top CEXs + DEXs aggregated through Orion. No account, global access.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
$76,166.00 ) SV spikes 33%
