Decentralized finance (DeFi) protocol Platypus reveals details and compensation plan for users' funds after a recent $9.1 million exploit.
Since the attack, we've been working with security experts & stakeholders to recover lost funds, trace the hacker, and explore potential solutions to retrieve trapped funds.
— Platypus 🔺 (🦆+🦦+🦫) (@Platypusdefi) February 23, 2023
Here's an update on the progress made thus far 🧵
Check our medium for more info👇https://t.co/VoNYl9MAtd
According to Platypus, the exploit involved a logic error in the USP solvency check mechanism within the collateral-holding contract, resulting in a total loss of 9.1 million from three attacks. Among the loss, 2.4 million USDC has been retrieved and another 1.5 million USDT has been frozen. The platform is also working with Aave to create a recovery contract to rescue the 380k funds mistakenly transferred to the Aave v3 contract. After the attack, around 35.4% of the funds remained in the main pool.
The 1.4 million treasury will not be used initially to prevent legal conflicts, but may be distributed to LPs if necessary after six months. The plan ensures a minimum of 63% of funds will be distributed, and if their proposal submitted to Aave is approved and Tether confirms reminting the frozen USDT, approximately 78% of funds can be recovered.
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