{"id":553689,"date":"2023-02-18T23:31:54","date_gmt":"2023-02-18T20:31:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/platypus-to-work-on-compensation-plan-after-8-5m-attack\/"},"modified":"2023-02-18T23:31:54","modified_gmt":"2023-02-18T20:31:54","slug":"platypus-to-work-on-compensation-plan-after-8-5m-attack","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/platypus-to-work-on-compensation-plan-after-8-5m-attack\/","title":{"rendered":"# Platypus to work on compensation plan after $8.5M attack"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2719a533a07\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2719a533a07\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/platypus-to-work-on-compensation-plan-after-8-5m-attack\/#%E2%80%9D_Platypus_to_work_on_compensation_plan_after_85M_attack_%E2%80%9C\" >&#8221; Platypus to work on compensation plan after $8.5M attack &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Platypus_to_work_on_compensation_plan_after_85M_attack_%E2%80%9C\"><\/span>&#8221; Platypus to work on compensation plan after $8.5M attack &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>Decentralized finance (DeFi) firm Platypus is working on a compensation plan for user&#8217;s losses after a flash loan attack drained nearly $8.5 million from the protocol, affecting its stablecoin dollar-peg.\u00a0<\/p>\n<p>In a Tweet on Feb. 18, Platypus disclosed to be working on a plan to compensate the damages and asked users not to realize their losses in the protocol, saying this would make it harder for the company to manage the issue. Assets liquidation are also paused, said the protocol:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">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\u2019t have to worry about liquidation as liquidation is paused, stability fee after the attack will not be counted<\/p>\n<p>\u2014 Platypus  (++) (@Platypusdefi) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Platypusdefi\/status\/1626969093978075136?ref_src=twsrc%5Etfw\">February 18, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>According to the firm, different parties are currently involved in the funds&#8217; recovery process, including legal enforcement officials. Further details about the next steps will be disclosed soon, noted Platypus.\u00a0<\/p>\n<p>Part of the funds are locked up in the Aave protocol. Platypus is exploring a method to potentially recover the funds, which would require the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval of a recovery proposal Aave\u2019s governance forum.<\/p>\n<p>Blockchain security firm CertiK first reported the flash loan attack on the platform through a tweet on Feb.16, along with the alleged attacker&#8217;s contract address. Nearly $8.5 million was moved from the protocol, and as a result, the Platypus USD stablecoin became de-pegged from the U.S. dollar, dropping to $0.33 at the time of writing.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/a7424c5a-232f-490b-b762-caa4e76fcbc4.png\"><figcaption style=\"text-align: center;\"><em>Platypus USD Price Chart (USP) &#8211; 7 days. Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/platypus-usd\">CoinGecko<\/a><\/em><\/figcaption><\/figure>\n<p>&#8220;The attacker used a flashloan to exploit a logic error in the USP solvency check mechanism in the contract holding the collateral,\u201d said the company. A potential suspect has been identified.\u00a0<\/p>\n<p>A technical post-mortem analysis conducted by auditing company Omniscia revealed the attack was made possible by incorrectly placed code after it was audited. Omniscia audited a version of the MasterPlatypusV1 contract from Nov. 21 to Dec. 5, 2021. The version, however, \u201ccontained no integration points with an external platypusTreasure system\u201d and therefore did not contain the misordered lines of code.<\/p>\n<p>The flash loan attack exploits the smart contract security of a platform to borrow large amounts of money without collateral. Once a cryptocurrency asset has been manipulated on one exchange, it is quickly sold on another, allowing the exploiter to profit from the price manipulation.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/platypus-to-work-on-compensation-plan-after-8-5m-attack\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Platypus to work on compensation plan after $8.5M attack &#8220; Decentralized finance (DeFi) firm Platypus is working on a compensation plan for user&#8217;s losses after a flash loan attack drained nearly $8.5 million from the protocol, affecting its stablecoin dollar-peg.\u00a0 In a Tweet on Feb. 18, Platypus disclosed to be working on a plan&#8230;<\/p>\n","protected":false},"author":1,"featured_media":553690,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/b3ba543a-9cbe-422f-bef2-e6fabc4589b3.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74868,74882,77595,70944],"class_list":["post-553689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-defi","tag-hacks","tag-lending","tag-hackers"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/553689","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=553689"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/553689\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/553690"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=553689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=553689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=553689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}