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[ammu40]

According to a tweet by blockchain security firm CertiK, Platypus Finance, a decentralized finance (DeFi) protocol, experienced a flash-loan attack on Thursday resulting in a potential loss of $8.5 million. As a consequence of the exploit, Platypus USD (USP), the protocol's stablecoin, lost its price peg to the dollar, dropping to 48 cents from its $1 anchor, as reported by CoinGecko. A Platypus team member shared in the protocol's Discord server that all operations are presently suspended until further clarity is obtained. Platypus is an automated market maker that operates on the Avalanche blockchain and facilitates the swapping of stablecoins for crypto traders. DefiLlama's data indicates that $59 million worth of digital assets is locked in the protocol, which is significantly less than the $1.2 billion all-time high recorded in March. Flash loans, a type of uncollateralized borrowing widely used among traders on DeFi lending protocols to exploit arbitrage opportunities quickly, are frequently leveraged by attackers to destabilize and drain digital assets from DeFi protocols.

 

[gammarays]

Platypus finance is a popular stable Dex and farm protocol built on Avax network. This hack has affected even their native token. It's really terrible what's happened these days in defi. They have to compensate their members affected.

 

[gammarays]

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It'll be a wonderful thing to make money online. Platypus has one of the highest APY for stable coins staking which made it popular. However, it's a sad experience to have your hard earned funds stolen.

 

[fiery phoenix]

I am well versed with the knowledge of Defi Protocols and farms but someone should enlighten me, how $8.5 million stolen out 59 million(locked on protocol) make their stablecoin drop by 48 cents(about 48%drop)
Is this stabecoin really stable?

 

[gammarays]

I am well versed with the knowledge of Defi Protocols and farms but someone should enlighten me, how $8.5 million stolen out 59 million(locked on protocol) make their stablecoin drop by 48 cents(about 48%drop)
Is this stabecoin really stable?

I think there was a breach in their smart contracts to make this possible. Even though most of these protocols claim to be audited, it's either they run a shabby audit or don't keep to updated security measures. It can also be an insider job.

 

[Gamer01]

Crypto attacks are really common and popular in the dedi sector these days from lunch to till now we have seen countless hacks till the protocols do not get serious about their users the hackers will always keep getting their share.

 

[Riberet19]

Crypto attacks are really common and popular in the dedi sector these days from lunch to till now we have seen countless hacks till the protocols do not get serious about their users the hackers will always keep getting their share.

Being something that moves through the internet, that is, cryptocurrencies and also being a relatively new ecosystem, it is not free of attacks and hacks, this will be a constant and the only thing we can do is try to have our funds as safe as possible because we have already seen that there are too many protocols and browser wallets among others that are constantly hacked, It is best to have our funds in cold or hardware wallets.

 

[Gamer01]

Yes you are right hardware wallets are better solution for securing our crypto funds in such a way that you have nothing to worry at all and you can always make sure that you funds will always remain intact and safe from hacks actually indeed .

 

[Riberet19]

Yes you are right hardware wallets are better solution for securing our crypto funds in such a way that you have nothing to worry at all and you can always make sure that you funds will always remain intact and safe from hacks actually indeed .

Exactly in addition to that you will have your funds and will not have a third party who is guarding them, they will always be in your disposition and you are in charge of providing the relevant security, because otherwise it would be the same as having your money in the bank.

 

[Gamer01]

Exactly right but still the money in our bank is subject to inflation and one should never keep his money in banks but he should invest it in many places possible for a good return on his investment actually .