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French Police Nab Suspects in $9M Platypus DeFi Exploit

2 mins
Updated by Geraint Price
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In Brief

  • French police confirmed two individuals suspected of being behind an attack on Platypus were detained.
  • France's Police Nationale stated that it seized 210,000 euros in cryptocurrencies from the suspects.
  • Last week, the platform confirmed the recovery of 2.4 million USDC from the loot.
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French police confirmed in a tweet that two individuals suspected of being responsible for an attack on decentralized finance (DeFi) protocol Platypus were detained on Feb. 24.

France’s Police Nationale stated that the arrested individuals were summoned to court after 210,000 euros in cryptocurrencies were seized.

Platypus Announces Recovery Plan

Last week, BeInCrypto reported that the DeFi protocol was the target of an $8.5 million flash loan attack. The USP stablecoin depegged by as much as 50%. However, reports suggested that USP regained its anchor.

On Feb. 23, the Platypus team confirmed collaborating with security professionals and stakeholders to find the hacker and reclaim the lost funds. Additionally, it verified that three separate assaults resulted in a sizeable loss of $9.19 million.

Subsequently, the platform confirmed the recovery of 2.4 million USDC. At the same time, Platypus claimed it is in talks with stablecoin issuers to get back the stolen tokens. Issuers included Tether, Ava Labs, and Binance.

Users Can Now Access the Claim Page

In the most recent update, Platypus gave its users access to a claim page starting Feb. 27. According to which, users will be able to view their pre-attack balance, their post-attack USP-related activities, and the amount they will be able to claim once the first compensation is ready.

The page includes a breakdown of the Main Pool deposit, USP balance, and USP debt. It noted, “You can also check your post-attack actions, the compensation rate will vary depending on the action type.”

After the calculations are reviewed and finalized, the Platypus team aims to complete the refund process in March.

In response to a user, Vector Finance stated that it is working with the Platypus protocol to return the recovered money to the right users. Meanwhile, CoinGecko last updated the price of Platypus’ native USP stablecoin on Feb 18.

USP last traded on the exchanges listed by the platform ten days ago at $0.322260. Since then, an exploit disclaimer has interrupted all market activity of the stablecoin with an estimated circulating supply of 65 million.

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Shraddha Sharma
Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest in understanding crypto from a personal finance standpoint.
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