Platypus to develop a compensation plan for victims of the $8.5M attack

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According to the DeFi protocol different parties are involved in the funds recovery process. This includes legal enforcement officers. News Collect this piece of history. Platypus, an NFTDecentralized finance (DeFi), is currently working on a compensation plan to user’s losses following a flash loan attack that drained nearly $8.5million from the protocol, affecting its stablecoin dollars-peg. Platypus posted a tweet on February 18 stating that it was working on a plan for compensation and asking users not to recognize their losses in the protocol. This would make it more difficult for the company to manage the matter. The protocol also stated that assets liquidation is halted. It would be easier to manage the damage. You don’t need to worry about liquidation since liquidation is paused. Also, stability fee after an attack will not be counted. Platypus (++) (@Platypusdefi), February 18, 2023
According to the firm’s current information, there are several parties involved in the recovery of the funds, including legal enforcement officers. Platypus said that more details regarding the next steps will soon be made public. Platypus said that part of the funds were locked up in Aave protocol. Platypus is looking into a way to recover the funds. This would require approval from the Aave governance forum. CertiK, a blockchain security firm, first reported the flash-loan attack on the platform on February 16. It also provided the contract address of the alleged attacker. Platypus USD Price Chart (USP), 7 days. Source: CoinGecko “The attacker used a flashloan in order to exploit a logic problem in the USP solvency-check mechanism in the contract holding collateral,” stated the company. The identity of a possible suspect has been revealed. Omniscia, an auditing company, performed a technical post-mortem analysis that revealed that the attack was possible because of incorrectly placed code. Omniscia audited the MasterPlatypusV1 contract between Nov. 21 and Dec. 5, 2021. Omniscia audited a version of the MasterPlatypusV1 contract from Nov. 21 to Dec. 5, 2021. Once a cryptocurrency asset is manipulated on an exchange, it can be quickly sold on another exchange to make a profit.