A potential suspect has been identified over the $8.5 million attack on decentralized finance protocol Platypus, which saw $8.5 million drained from the protocol. Blockchain security firm CertiK first reported the flash loan attack on the Avalanche-based stable swap platform through a tweet on Feb.16, alongside the alleged attacker’s contract address. According to CertiK, nearly $8.5 million has been already been moved. As a result, the Platypus USD stablecoin became de-pegged from the U.S. dollar, dropping 52.2% to $0.478 at the time of writing. Platypus later confirmed the hack on Twitter, while a moderator of Platypus’ Telegram group confirmed that Platypus has halted trading. “The attacker used a flashloan to exploit a logic error in the USP solvency check mechanism in the contract holding the collateral.” Platypus confirmed a loss of “8.5 million” from its main pool and said that deposits were covered at 85%. Other pools were unaffected. The company has contacted the hacker to negotiate a bounty for the return of the funds.
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