Platypus Finance Introduces Compensation Portal After $9.1 Million Hack

What Happened? A Flash Loan Attack

On February 16, Platypus Finance faced a shocking flash loan attack, which led to their stablecoin, Platypus USD (USP), losing its peg to the U.S. dollar. Initially, the protocol reported a loss of approximately $8.5 million. To add to the drama, they even tried to negotiate with the hacker for a bounty. Talk about a wild ride in the DeFi world!

Overstating the Case: The Auditor’s Role

A post-mortem review conducted by the auditor Omniscia revealed that the vulnerabilities were a result of faulty code sequences. You know what they say about bad code – it’s like trying to bake a cake without mixing the ingredients properly; it just doesn’t rise to the occasion.

The Road to Recovery: Compensation Plans

Following the chaos, Platypus Finance has been working diligently on a compensation plan for its users’ lost funds. On February 23, they assured users that they aim to return approximately 78% of the main pool’s funds by reminting frozen stablecoins. To make sure things don’t spiral towards further loss, the team proactively announced that they experienced two other exploits, inflating the total losses to around $9.1 million. Who knew breaking up could hurt so much?

Check Your Claim: The New Portal

The latest development from Platypus includes the launch of a portal that allows users to check the compensation owed to them. This handy tool offers a detailed overview, pre-attack net values, and post-attack adjustments. It’s like a personalized damage control report just for you!

Finalizing the Calculations: Your Input Matters

But wait, there’s more! Users were notified that they could flag any discrepancies in the calculations through a form, along with evidence to support their claims. However, no one wants to miss the March 3 deadline, so get those calculators ready! The refund mechanism will be finalized after receiving all feedback, with the first round of compensation set to kick off in March.

Police Action: Crime Doesn’t Pay

In a twist worthy of a Netflix drama, French police apprehended two suspects linked to the hack on February 25. They even managed to seize about $222,000 in crypto assets. This operation was made possible with assistance from renowned crypto investigator ZachXBT and the Binance exchange. Who knew criminals can’t escape the long arms of the law, even in the digital age?