Markets News Report
October 12, 2023

Platypus Finance Suffers Second Hack, Loses $2 Million in AVAX

Platypus Finance Faces Another Hack, Losing $1 Million in AVAX

Blockchain analytics company PeckShield revealed that stablecoin trading project Platypus Finance has fallen victim to a hacking attack, resulting in a loss of approximately $2 million worth of AVAX. In response to questionable activities within its protocol, Platypus decided to pause its platform. 

“Due to suspicious activities in our protocol, we have taken the proactive measure of temporarily suspending all pools. Further updates will be communicated to the community in a timely manner,” Platypus wrote on X.

It’s not the first time that the protocol has been hacked. On February 16, the Platypus Finance protocol suffered a breach that resulted in the loss of approximately $8.5 million in stablecoin collateral due to a logic error exploit. 

The attack took advantage of a flaw in the USP–Platypus’ stablecoin solvency check mechanism within the collateral holding contract, enabling the attacker to borrow against flash loaned collateral and withdraw it without repaying the debt. The attacker further exchanged the borrowed USP for existing liquidity in other stablecoins within Platypus pools.

It’s the Season of DeFi Hacks

In what appears to be a troubling trend, the world of DeFi is grappling with a series of high-profile security breaches. 

Mixin Network experienced a significant security breach on its mainnet, leading to a substantial loss of assets on September 23. Unknown hackers targeted the cloud service provider’s database, resulting in a loss of around $200 million. Moreover, cryptocurrency exchange HTX (previously Huobi) recently suffered a security breach resulting in the loss of 5,000 ETH, valued at approximately $8 million.

On September 12, CoinEx disclosed a concerning security breach involving the exploitation of hot wallet addresses storing Ethereum, Tron, and Polygon assets. The reports confirmed about $54 million in financial loss.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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