{"id":45447,"date":"2023-02-17T18:15:09","date_gmt":"2023-02-17T22:15:09","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=45447"},"modified":"2023-02-17T18:15:13","modified_gmt":"2023-02-17T22:15:13","slug":"platypus-finance-suffers-9m-hack-on-avalanche","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/platypus-finance-suffers-9m-hack-on-avalanche\/","title":{"rendered":"Platypus Finance Suffers $9M Hack On Avalanche"},"content":{"rendered":"\n

The DeFi application, Platypus Finance<\/a> was the target of a $9 million attack according to the blockchain security firm CertiK.<\/p>\n\n\n\n

\"Platypus
Platypus Finance Suffers $9M Hack On Avalanche<\/figcaption><\/figure>\n\n\n\n

According to the report, a hacker took advantage of a feature in one of Platypus' smart contracts\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> by using flash loans on the Avalanche (AVAX) blockchain.<\/p>\n\n\n\n

Stablecoins worth $44 million were added to the application by the attacker. The attacker may mint a comparable number of Platypus' USP stablecoins with the assets they took (41.79 million USP). <\/p>\n\n\n\n

The attacker then gained access to the first $44 million deposit and the newly created USP by abusing an emergency withdrawal feature<\/a>. Before repaying the money, the attacker finally exchanged the USP for other assets.<\/p>\n\n\n\n

The total discrepancy, together with Platypus' anticipated loss, was $9 million. Although part of the stolen money has apparently been moved to certain pools, the majority reportedly still resides at the attacker's contract address. <\/p>\n\n\n\n

Such money can probably be repaid or recovered in part. The flash loan assault was confirmed by Platypus in a message posted on Telegram and Discord. It stated that it will suspend operations while it assesses the situation.<\/p>\n\n\n\n

This strategy is not exclusive to Platypus. Flash loans have recently been used to attack a number of additional DeFi platforms, including Mango Markets<\/a> in October, New Free DAO in September, Nirvana Finance in July, and Deus DAO in April.<\/p>\n","protected":false},"excerpt":{"rendered":"

The DeFi application, Platypus Finance was the target of a $9 million attack according to the blockchain security firm CertiK. According to the report, a hacker took advantage of a feature in one of Platypus’ smart contracts by using flash loans on the Avalanche (AVAX) blockchain. Stablecoins worth $44 million were added to the application […]<\/p>\n","protected":false},"author":43,"featured_media":45449,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11476],"tags":[2309,197,12002,13405],"class_list":["post-45447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hacks-and-scams","tag-avalanche","tag-defi","tag-hacks","tag-platypus-finance"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/02\/croc_1676670946460.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/45447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=45447"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/45447\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/45449"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=45447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=45447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=45447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}