{"id":46099,"date":"2023-03-01T06:19:27","date_gmt":"2023-03-01T10:19:27","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=46099"},"modified":"2023-03-01T06:19:30","modified_gmt":"2023-03-01T10:19:30","slug":"platypus-finance-develops-compensation-platform-for-users","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/platypus-finance-develops-compensation-platform-for-users\/","title":{"rendered":"Platypus Finance develops compensation platform for users"},"content":{"rendered":"\n

Platypus Finance, a DeFi protocol, has built a portal that allows users to see how much the platform owes them following the recent $9.1 million hack.<\/a><\/p>\n\n\n\n

\"Platypus
Platypus Finance develops compensation platform for users<\/figcaption><\/figure>\n\n\n\n

On February 16, the DeFi protocol was attacked with a flash loan<\/a>, causing the Platypus USD (USP) stablecoin to decouple from the US currency. At the time, Platypus disclosed a loss of about $8.5 million from its main pool. The company also stated that they contacted the hacker to discuss a reward. According to a post-mortem assessment by Platypus auditor Omniscia, the attack was possible due to the code being in the wrong order.<\/p>\n\n\n\n

Following the hack, the team embarked on a method to compensate users' monies. On February 23, the team revealed that they intend to remain frozen stablecoins in order to restore about 78% of the main pool cash. The team also validated the second and third instances, which resulted in another $667,000 being exploited, for a total loss of around $9.1 million.<\/p>\n\n\n\n

According to the protocol's most recent update, they have introduced a website\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> that allows viewers to determine how much compensation they can receive from the platform. The page is divided into sections that help users comprehend how much money they are entitled to following the exploit. This provides an overview, a net value before the attack, and post-attack changes.<\/p>\n\n\n\n

The team also stated that if anyone discovers mistakes in the computations, they should submit a form with accompanying evidence before March 3, 11:59 p.m. UTC. The DeFi protocol pointed out that they would finish the computations once all feedback is received. Following that, consumers will be able to collect their first compensation in March.<\/p>\n\n\n\n

The team also stated that reimbursements are their top priority at the moment, and they are striving to collect any remaining monies.<\/p>\n\n\n\n

Meanwhile, on February 25, French police arrested two suspects<\/a> in connection with the attack and recovered approximately $222,000 in cryptocurrency. Platypus claims that the arrests were aided by crypto sleuth ZachXBT and the Binance exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"

Platypus Finance, a DeFi protocol, has built a portal that allows users to see how much the platform owes them following the recent $9.1 million hack. On February 16, the DeFi protocol was attacked with a flash loan, causing the Platypus USD (USP) stablecoin to decouple from the US currency. At the time, Platypus disclosed […]<\/p>\n","protected":false},"author":38,"featured_media":46103,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[73],"tags":[8285,11230,13405],"class_list":["post-46099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi-news","tag-defi-hack","tag-defi-protocol","tag-platypus-finance"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/03\/Untitled-design-9.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/46099","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\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=46099"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/46099\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/46103"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=46099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=46099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=46099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}