top of page

DeFi Protocol Platypus Finance Hacked for Over $2 Million on Avalanche

Decentralized finance (DeFi) protocol Platypus Finance has fallen victim to a security breach resulting in the loss of over $2 million. In a recent blog post on X (formerly Twitter), security firm PeckShield noted that the Avalanche-based project has been exploited. Following the alert, Platypus Finance confirmed that there had been suspicious activities in the protocol, prompting the project to take "the proactive measure of temporarily suspending all pools." The attack appears to have been executed through a flash loan attack, specifically targeting the AVAX-sAVAX liquidity pool. Flash loans are a feature in decentralized finance that enables users to borrow assets without providing collateral.

Check out the hashd app. It gives you important crypto news and updates in short, simple and easy to read slides. Amazing!


bottom of page