Platypus Finance Endures a Second Cyberattack, Suffering a $2 Million Setback in AVAX

Blockchain analytics company PeckShield PeckShield has disclosed that this stablecoin trading platform has once again fallen prey to hacking. Platypus Finance The platform has faced a cyber incident that has led to an approximate $2 million loss in AVAX assets. Due to unsettling activities within its system, Platypus has opted to suspend its services temporarily.

"Given the ongoing suspicious activities detected within our protocol, we felt it necessary to take immediate action by temporarily shutting down all pools. We will keep our community updated with further information as it becomes available,\" stated Platypus. wrote  on X.

This is not Platypus Finance's first encounter with cybercriminals. Earlier this year, on February 16, the platform experienced a security breach that cost approximately $8.5 million in stablecoin collateral due to a logic error exploit. suffered The vulnerability exploited in this attack was a flaw in the USP--the机制 used by Platypus to evaluate stablecoin solvency within its collateral contracts. This enabled the assailant to borrow against collateral obtained via a flash loan and withdraw it without fulfilling the repayment obligation. The criminal then exchanged the borrowed USP for available liquidity across different stablecoin pools on Platypus.

The DeFi sector is currently facing a concerning trend with a series of high-profile security incidents.

It’s the Season of DeFi Hacks

One notable breach occurred on its mainnet on September 23, causing substantial asset loss amounting to nearly $200 million when unknown perpetrators targeted the cloud service provider’s database. Additionally, cryptocurrency exchange HTX (formerly Huobi) reported a recent security breach leading to the loss of 5,000 ETH, equating to about $8 million.

Mixin Network  experienced Moreover, there have been alarming reports of a security breach involving hot wallet addresses that managed to exploit Ethereum, Tron, and Polygon assets, confirming a financial loss of around $54 million. suffered Please be aware that the information on this page is not meant to serve as legal, tax, investment, financial, or any form of advice. It is crucial to invest only what you can afford to lose and consult with an independent financial advisor if you are uncertain. For more details, we recommend reviewing the terms and conditions along with the help and support pages from the issuer or advertiser. MetaversePost is dedicated to providing accurate and unbiased reporting, though market conditions can shift without notice.

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