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Platypus Finance on Avalanche (AVAX) Network Falls Victim to Hack Attack!

Platypus Finance

Platypus Finance, a leading decentralized finance (DeFi) protocol operating on the Avalanche network, suffered a serious security breach resulting in a loss of over $2 million, according to information released by cybersecurity firm PeckShield.

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Platypus Finance quickly responded to this breach by temporarily suspending all liquidity pools. The project issued a statement on the matter, saying, “We have taken necessary measures to temporarily suspend all pools due to suspicious activities in our protocol. Other updates will be promptly relayed to the community.”

A flash loan attack is exploiting this security gap, specifically targeting the AVAX-sAVAX liquidity pool. Flash loans are a critical feature of decentralized finance that allows users to borrow assets without collateral, but with the condition of repaying the loan within the same transaction block.

Unfortunately, this type of security breach is not a new situation for Platypus Finance. The protocol encountered a similar event in February 2023 targeting the newly launched stablecoin USP in a flash loan attack. During this previous event, perpetrators stole an estimated $8.5 million from the project.

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