Platypus to work on compensation plan after $8.5M attack

Platypus to work on compensation plan after $8.5M attack- Check out the story here

According to the DeFi protocol, different parties, including legal enforcement officials, are currently involved in the funds’ recovery process.

[{"selector":"#anim-08ffdae2-d252-4444-ad82-be0e1d32e2de [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(28.90624987200394%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Arrow

[{"selector":"#anim-f51e991c-dfac-47c2-b5ae-60efb7fc9fee [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-32.74910490725541%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Decentralized finance (DeFi) firm Platypus is working on a compensation plan for users’ losses after a flash loan attack drained nearly $8.5 million from the protocol Arrow

[{"selector":"#anim-4cec9497-e9b5-4657-9ee6-8b842f02d886 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-34.179687404002955%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] In a tweet on Feb. 18, Platypus said it was working on a plan to compensate the damages and asked users not to realize their losses in the protocol, saying this would make it harder for the company to manage the issue. Arrow

According to the firm, different parties, including legal enforcement officials, are currently involved in the funds’ recovery process.

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[{"selector":"#anim-224a41cc-98e7-411d-805c-d1643db243af [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Part of the funds are locked up in the Aave protocol. Platypus is exploring a method to potentially recover the funds, which would require the approval of a recovery proposal in Aave’s governance forum. Arrow

[{"selector":"#anim-b2ad850b-d675-4369-833f-f40ad7d37548 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.285244247341844%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Blockchain security firm CertiK first reported the flash loan attack on the platform through a tweet on Feb.16, along with the alleged attacker’s contract address. Arrow

[{"selector":"#anim-ac49262a-7975-40bf-9ca8-98944a66e6a3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-34.179687404002955%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Nearly $8.5 million was moved from the protocol, and as a result, the Platypus USD (USP) stablecoin depegged from the U.S. dollar, dropping to $0.33 at the time of writing. Arrow

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