Decentralized finance (DeFi) protocol Platypus has disclosed the details of a recent $9.1 million exploit, alongside its efforts to recover the funds and a compensation plan for victims. In a Medium post on Feb. 23, the company revealed that a logic error in the USP solvency check mechanism within the collateral-holding contract was responsible for the three separate attacks carried out by the same exploiter. The stableswap operations have not been affected, said Platypus. Several stablecoins and other assets were stolen in the attacks. Approximately $8.5 million in assets were stolen in the first attack. In the second incident, roughly 380,000 assets were mistakenly sent to the Aave v3 contract. The third attack resulted in the theft of approximately $287,000 in assets. Platypus’ recovery plan will see the return of at least 63% of the main pool funds. Following the attack, nearly 35.4% of the funds remained in the pool, and 2.4 million USD Coin, or 17.7% of pre-attack assets, had been recovered. Another 1.4 million (10.4% of pre-attack assets) in the treasury will also be used to compensate LP’s losses within six months if the stolen funds are not recovered. The company stated: “We are currently discussing with various parties to help recreate stablecoins that were trapped in the attack contract. Once any stablecoins are retrieved, we will distribute the reminted tokens to LPs on a pro-rata basis.”
Full story : Platypus reveals compensation plan for users’ funds after attack.
