Decentralized finance protocol Platypus Finance said it had recovered 90% of assets that were stolen in a security breach last week., developers said the protocol's net loss was limited to"18,000 Avalanche," worth $167,400 at the time of publication. As the hacker voluntarily returned the funds, Platypus Finance stated it"will guarantee that no legal action will be pursued.
On October 12, the automated market maker running on the Avalanche blockchain suffered three separate flash loan attacks that drained the protocol of $2.23 million. In 2021, the project raised $3.3 million in funding led by the now-defunct crypto hedge fund Three Arrows Capital.all liquidity pools and are conducting a security audit.
This was the third attack against Platypus this year, with a prior incident in July draining $157,000 via a flash loan attack and another, also a flash loan attack, exploiting the DeFi protocol for $8.5 million. Following the February incident, Platypus claimed that it would return at least 63% of users' assets lost in the attack via its2/ Along with the recovery on Oct 12, over 90% of the funds have been recovered. The net loss has been minimized to approximately 18k AVAX.