Platypus Finance recovers 90% of assets lost in exploit
As per its agreement, project developers will not pursue legal action against the hacker. Decentralized finance (DeFi) protocol Platypus Finance said it had recovered 90% of assets that were stolen in a security breach last week. According to the October 17 announcement, developers said the protocol's net loss was limited to "18,000 Avalanche," worth $167,400 at the time of publication. As the hacker voluntarily returned the funds, Platypus Finance stated it "will guarantee that no legal action will be pursued." Developers also hinted that withdrawal information regarding users' assets will soon be posted. On October 12, the automated market maker running on the Avalanche blockchain suffered three separate flash loan attacks that drained the protocol of $2.23 million. In 2021, the project raised $3.3 million in funding led by the now-defunct crypto hedge fund Three Arrows Capital. Since the most recent attack, Platypus developers have halted all liquidit...