Decentralized finance protocol Platypus Finance has suffered yet another flash loan exploit that resulted in the loss of over $2 million.
“Due to suspicious activities in our protocol, we have taken the proactive measure of temporarily suspending all pools. Further updates will be communicated to the community in a timely manner. Thank you for your patience and understanding during this time.” The platform secured $3.3 million in funding during a round spearheaded by Three Arrows Capital in 2021, which has since declared bankruptcy.
During this incident, the attackers exploited a vulnerability within Platypus Finance’s native stablecoin’s USP solvency check mechanism, deceiving the smart contracts into believing that USP was fully backed.
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TheBlock__ - 🏆 464. / 53 Read more »