CryptoMediaClub
Tuesday, July 8, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Blockchain

Platypus DeFi loses $2.2M in another flash loan exploit

13.10.2023
A A
0
122
VIEWS
ShareShare

Decentralized 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 NFT to 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

Share9Tweet6ShareSharePin2

Related Posts

Tether USDT: Massive 1 Billion Minting Sparks Crucial Market Shift
Blockchain

Tether USDT: Massive 1 Billion Minting Sparks Crucial Market Shift

04.07.2025
0

Skip to content

Read moreDetails
Hancom With Pioneers RWA Space with Gold-Backed Stablecoin

Hancom With Pioneers RWA Space with Gold-Backed Stablecoin

03.07.2025
Stablecoin Revenue Soars: Companies Post Massive $10 Billion Annual Earnings

Stablecoin Revenue Soars: Companies Post Massive $10 Billion Annual Earnings

03.07.2025
Kazakhstan Crypto Reserve: Unlocking a Bold Future for National Digital Assets

Kazakhstan Crypto Reserve: Unlocking a Bold Future for National Digital Assets

30.06.2025
Web3 Security: GoPlus Unveils Crucial Clarification on Venus Protocol $2M Theft

Web3 Security: GoPlus Unveils Crucial Clarification on Venus Protocol $2M Theft

25.06.2025
Load More
Next Post
Dogecoin Co-Creator Has $500 Stolen in Japan, Expresses Shame

Dogecoin Co-Creator Has $500 Stolen in Japan, Expresses Shame

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

SOFTSWISS Game Aggregator Become Largest Content Hub for iGaming Projects

SOFTSWISS Game Aggregator Become Largest Content Hub for iGaming Projects

12 months ago
Shopify Launches USDC Cross-Border Payments in 34 Countries

Shopify Launches USDC Cross-Border Payments in 34 Countries

3 weeks ago
Ethereum price outlook weakens, but ETH derivatives suggest $1.6K is unlikely

Ethereum price outlook weakens, but ETH derivatives suggest $1.6K is unlikely

2 years ago
Ripple Donates $25 Million More To Crypto Super PAC Fairshake

Ripple Donates $25 Million More To Crypto Super PAC Fairshake

7 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Pi Coin Price Prediction: Daily Volume Collapses Below $100M – Are Whales Dumping and Vanishing for Good?

DDC Enterprise’s Bold Bitcoin Move: Boosting Holdings to 368 BTC Signals Strategic Shift

BONK’s SOL Buying Spree Counters Pump.Fun $741M Sell-off – Can LetsBONK Trigger 70% Pump?

Canaan’s Astounding 1,484 BTC Holdings: A Bitcoin Mining Powerhouse Emerges

Pepe Price Prediction: PEPE Explodes Out of Falling Wedge Pattern – $1 PEPE Next Target?

Coinsilium’s Strategic Bitcoin Accumulation: A Bold Move in Digital Assets

Trending

London Duo Jailed for $2 Million Crypto Scheme
All news

London Duo Jailed for $2 Million Crypto Scheme

08.07.2025
0

Two residents of Greater London have been sentenced to over a decade behind bars after they defrauded...

Bitcoin remains stuck in $100k-$110k band as retail and whales enter potential standoff

Bitcoin remains stuck in $100k-$110k band as retail and whales enter potential standoff

08.07.2025
ChatGPT’s 42-Signal TON Analysis Flags Critical $2.70 Support Collapse After UAE Golden Visa Scandal

ChatGPT’s 42-Signal TON Analysis Flags Critical $2.70 Support Collapse After UAE Golden Visa Scandal

08.07.2025
Pi Coin Price Prediction: Daily Volume Collapses Below $100M – Are Whales Dumping and Vanishing for Good?

Pi Coin Price Prediction: Daily Volume Collapses Below $100M – Are Whales Dumping and Vanishing for Good?

07.07.2025
DDC Enterprise’s Bold Bitcoin Move: Boosting Holdings to 368 BTC Signals Strategic Shift

DDC Enterprise’s Bold Bitcoin Move: Boosting Holdings to 368 BTC Signals Strategic Shift

07.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz