Regarding the Platypus exploit, the French authorities have detained two suspects and seized cryptocurrency valued at 210,000 euros.
According to local authorities, two people have been detained by the French police in relation to Platypus’ $9.1 million exploit, and 210,000 euros worth of cryptocurrency has been seized.
According to Platypus, on-chain detective ZachXBT and cryptocurrency exchange Binance assisted in the investigations that resulted in the arrests. On February 16, three different flash loan attacks carried out by the same exploiter compromised the decentralized protocol.
Many stablecoins and other digital assets were stolen as a result of the attacks. The initial attack led to the theft of assets worth about $8.5 million. In the second instance, some 380,000 assets were unintentionally transferred to the Aave v3 contract.
The third attack resulted in a theft of about $287,000 dollars. The Platypus USD (USP) stablecoin was depegged from the US dollar as a result of the attack.
Platypus recently revealed that perpetrators investigated a logical flaw in the USP solvency check system within the collateral-holding using a flash loan approach. There has been no impact on the steady swap operations.
The exploiter of Mango Market, Avi Eisenberg, admitted to manipulating the price of the MNGO coin in October 2022 using a flash attack as his approach.
Eisenberg said that “all of our acts were legitimate open market operations, utilizing the protocol as designed” following the exploit. On December 28, Eisenberg was detained in Puerto Rico on suspicion of fraud.
On February 23, Platypus made a plan to reimburse impacted users. The protocol states that 63% of the money from the primary pool will be refunded in just six months.
According to the plan, reminting frozen stablecoins might lead to the recovery of 78% of the lost money. The protocol stated:
“If our proposal submitted to Aave is approved and Tether confirms reminting the frozen USDT, we will be able to recover approximately 78% of user’s funds,”
