Platypus DeFi Loses $2.2 mn in Flash Loan Exploit
Platypus, a decentralized finance (DeFi) technology, has lost over $2 million in assets after another flash loan exploit on its platform. In reaction to the attack, the protocol suspended all of its pools.
According to the blockchain security platform CertiK, the DeFi platform was subjected to three attacks, totaling $2.23 million. On October 12, the first attack occurred, stealing $1.2 million from the platform. A second attack occurred hours later, seizing $575,000 in platform assets. A minute later, the third attack happened, resulting in the loss of $450,000 in assets.
Platypus is an automated market maker (AMM) system that allows digital assets to be exchanged automatically through liquidity pools rather than traditional markets with buyers and sellers. In 2021, the platform raised $3.3 million in a fundraising round sponsored by the now-defunct Three Arrows Capital.
(With inputs from Shikha Singh)
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