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Platypus to Work on Compensation Plan, Warn Users Not to Repay USP

Cointime Official

Decentralized Finance (DeFi) protocol Platypus announced they are working on a compensation plan for users who lost funds following the recent flash loan attack that drained almost $9 million from the protocol, resulting in the destabilization of its stablecoin peg to the dollar.

Platypus tweeted that they were working on a plan to reimburse those who suffered losses and urged users not to withdraw their funds from the platform, as doing so would exacerbate the situation and make it more difficult for the company to manage the issue. Additionally, the protocol has halted the liquidation of assets:

 Different parties are currently involved in the funds' recovery process, including legal enforcement officials. Further details about the next steps will be disclosed soon, noted Platypus. 

Yesterday, Platypus said they have recovered 2.4 million USDC from the exploit with the help of smart contract audit firm BlockSec.

Read full thread:

1/ Thanks everyone who supported us over the last few days! We’ve been trying our best to recover the losses and would like to give everyone a quick update:

2/ 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

3/ Part of the fund is trapped in AAVE and we’re exploring a method that can potentially recover the fund. That would require us to propose and pass a recovery proposal on AAVE’s governance forum.

4/ We have also been working with different parties to recover the damage but we would need more time to confirm the result. Legal enforcement is something we’re also working on, we’ll make further announcement once these are confirmed.

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