Fun

News Feed - 2023-10-12 07:10:54

Ezra Reguerra13 hours agoPlatypus DeFi loses $2.2M in another flash loan exploitThe attack marks the third time Platypus has been exploited in 2023, with one incident taking $8.5 million in February and another taking $157,000 in July.3673 Total views32 Total sharesListen to article 0:00NewsJoin us on social networksDecentralized finance (DeFi) protocol Platypus has lost over $2 million in assets after suffering another flash loan exploit on its platform. The protocol suspended all of its pools in response to the attack. 


According to the blockchain security platform CertiK, the DeFi platform suffered three attacks, with $2.23 million taken across the exploits. On Oct. 12, the first attack took place, extracting $1.2 million from the platform. A second attack occurred hours later, stealing $575,000 worth of assets from the platform. Just a minute later, the third attack occurred, with $450,000 in assets lost.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.— Platypus (++) (@Platypusdefi) October 12, 2023


Platypus is an automated market maker (AMM) protocol that allows digital assets to be traded automatically by using liquidity pools instead of the more traditional markets where there are buyers and sellers. The platform raised $3.3 million in 2021 in a funding round led by the now-bankrupt Three Arrows Capital. 


In a flash loan attack, traders exploit a vulnerability that would allow them to instantaneously borrow crypto without providing the necessary collateral for the transaction.


Related:Exploits, hacks and scams stole almost $1B in 2023: Report


CertiK noted that the recent flash loan attack is the third attack on Platypus in 2023. On Feb. 16, the protocol lost $8.5 million in a similar exploit, which also led to the depegging of the Platypus USD (USP) stablecoin, driving its price from $1 to $0.48. According to CertiK, the protocol also lost around $157,000 in a flash loan exploit in July.


In March, the DeFi protocol created a compensation portal for victims who lost their assets in the February attack. The portal was used so that users could verify how much compensation they could get from the platform and allow them to raise their concerns before the funds were distributed.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:$3.4B of Bitcoin in a popcorn tin: The Silk Road hacker’s story# Blockchain# Security# Hackers# Hacks# DeFiAdd reactionAdd reactionRead moreHow to actually spend your Bitcoin, ExplainedHow the actor model could enable better blockchain gaming appsOKX exec says KYC will ‘raise the bar,’ bring real capital into crypto: Blockchain Economy Dubai 2023

News Feed

California senator slams OpenAI’s opposition to AI safety bill
Amaka Nwaokocha1 hour agoCalifornia senator slams OpenAI’s opposition to AI safety billAs the debate over SB 1047 intensifies, Wiener remains steadfast in his support for the bill, which he believes is a necessary step
Financial system ‘outdated’ but crypto is no fix either — US swing voters
Brayden Lindrea3 hours agoFinancial system ‘outdated’ but crypto is no fix either — US swing votersIn a survey by the Digital Currency Group, 70% of swing state voters agreed the current financial system is “outd
Ethereum Could Touch $10,500 After Crypto Rises to Record High: Fundstrat Global
Ethereum Could Touch $10,500 After Crypto Rises to Record High: Fundstrat Global Fundstrat Global Advisors strategist David Grider predicts that the price of eth
3 memorable moments from Donald Trump’s ‘Mugshot’ NFT event
Brayden Lindrea4 hours ago3 memorable moments from Donald Trump’s ‘Mugshot’ NFT eventDonald Trump says he helped make “NFTs hot again” and even dissed his own political rival’s unofficial memecoin — sending
Buenos Aires Might Implement Blockchain Systems to Make Social Aid Payments
Buenos Aires Might Implement Blockchain Systems to Make Social Aid Payments Dario Nieto, a lawmaker in the city of Buenos Aires, has introduced a bill that would use blockchain sys
Bitcoin, Ethereum Technical Analysis: BTC Below $20,000 as Markets React to Increasing Dollar Strength 
Bitcoin, Ethereum Technical Analysis: BTC Below $20,000 as Markets React to Increasing Dollar Strength  BTC fell below $20,000 on Tuesday, as volatility in financial markets conti
Bitcoin Miners May Get Another Break This Week as Network’s Mining Difficulty Is Expected to Drop
Bitcoin Miners May Get Another Break This Week as Network"s Mining Difficulty Is Expected to Drop Bitcoin miners may catch another break this week as the network’s mining di
Tom Blackstone11 hours agoOPNX launches ‘oUSD’ credit currency for crypto margin tradingThe new “credit currency” will allow users to rely on cryptocurrencies as collateral without needing to obtain loans from ot
Tron Now Commands the Third-Largest TVL in Defi — Network’s Stablecoin USDD Confronted by Skepticism
Tron Now Commands the Third-Largest TVL in Defi — Network"s Stablecoin USDD Confronted by Skepticism This week the Tron blockchain has become the third-largest network in terms o
Bitfinex Swears It’s Trying Super Hard to Block US Bitcoin Traders
Beset with allegations that it is flouting regulations by allowing US bitcoin traders to access its platform, cryptocurrency exchange giant Bitfinex promised that it’s trying super hard to stop that from happeni
Argentine Startup Action Point Develops White Label Solution to Include Crypto in Traditional ATMs
Argentine Startup Action Point Develops White Label Solution to Include Crypto in Traditional ATMs Action Point, an Argentine startup, has developed a white-label solution that all
S&P Dow Jones Launches 5 New Cryptocurrency Indices
S&P Dow Jones Launches 5 New Cryptocurrency Indices S&P Dow Jones Indices, the world’s leading index provider, announced Tuesday the launch of five new cry