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News

Platypus Develops A Plan To Indemnify Users After Attack

February 19, 2023 - Around 2 mins mins to read

Key Points:

  • Stablecoin exchange project Platypus is developing a plan to compensate users after the attack.
  • The shared project needs more time to confirm the results.
  • A method is being explored to recover funds stuck on AAVE.
Platypus Develops A Plan To Indemnify Users After Attack
According to official sources, stablecoin exchange project Platypus has announced that it is working on a plan to compensate users and remind users not to refund the current stablecoin USP.

“We are working on a plan to compensate the losses, please DO NOT repay your USP and realize the losses. It would be easier for us to manage the damage. Also, you don’t have to worry about liquidation as liquidation is paused, stability fee after the attack will not be counted.”

This project tweeted.

In addition, users do not need to worry about liquidation, liquidation is currently on hold and the stability fee after the attack will not be charged. The team is working with all parties to repair the damage, but more time is needed to confirm the results.

The team is also contacting law enforcement and will make further announcements once confirmed. Additionally, some funds are trapped in AAVE and the team is exploring a possible way to recover this funds, which will require the presentation and adoption of a recovery proposal on the AAVE admin forum.

Platypus Develops A Plan To Indemnify Users After Attack

As mentioned in an earlier Coincu News article, Platypus experienced a flash loan attack on AAVE, resulting in approximately $9 million in total asset damage.

According to the CertiK analysis, the vulnerability appears to be in verifying the MasterPlatypusV4 contract using the EmergencyWithdraw function, which will only fail when the borrowed asset exceeds the borrowing limit.

However, yesterday, crypto security firm BlockSEC helped Platypus get back $2.4 million from attackers by implementing an upgraded proxy. With this help, the attacker can only get a small fraction of the original stolen funds.

According to Yajin Zhou, co-founder of BlockSec, this was done in order to reclaim the money from the attacker’s contract. He also said that $8 million in assets were left stranded because the attacker contract lacks a transfer function.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

News

Platypus Develops A Plan To Indemnify Users After Attack

Key Points:

  • Stablecoin exchange project Platypus is developing a plan to compensate users after the attack.
  • The shared project needs more time to confirm the results.
  • A method is being explored to recover funds stuck on AAVE.
Platypus Develops A Plan To Indemnify Users After Attack
According to official sources, stablecoin exchange project Platypus has announced that it is working on a plan to compensate users and remind users not to refund the current stablecoin USP.

“We are working on a plan to compensate the losses, please DO NOT repay your USP and realize the losses. It would be easier for us to manage the damage. Also, you don’t have to worry about liquidation as liquidation is paused, stability fee after the attack will not be counted.”

This project tweeted.

In addition, users do not need to worry about liquidation, liquidation is currently on hold and the stability fee after the attack will not be charged. The team is working with all parties to repair the damage, but more time is needed to confirm the results.

The team is also contacting law enforcement and will make further announcements once confirmed. Additionally, some funds are trapped in AAVE and the team is exploring a possible way to recover this funds, which will require the presentation and adoption of a recovery proposal on the AAVE admin forum.

Platypus Develops A Plan To Indemnify Users After Attack

As mentioned in an earlier Coincu News article, Platypus experienced a flash loan attack on AAVE, resulting in approximately $9 million in total asset damage.

According to the CertiK analysis, the vulnerability appears to be in verifying the MasterPlatypusV4 contract using the EmergencyWithdraw function, which will only fail when the borrowed asset exceeds the borrowing limit.

However, yesterday, crypto security firm BlockSEC helped Platypus get back $2.4 million from attackers by implementing an upgraded proxy. With this help, the attacker can only get a small fraction of the original stolen funds.

According to Yajin Zhou, co-founder of BlockSec, this was done in order to reclaim the money from the attacker’s contract. He also said that $8 million in assets were left stranded because the attacker contract lacks a transfer function.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News