Platypus DeFi faces flash loan attack, according to CertiK

Blockchain security company CertiK reported on Feb. 16 that it had discovered an instant loan attack on the Platypus DeFi platform for an Avalanche-based stable exchange. The blockchain security firm released the news in a tweet along with the attacker’s contract address.

According to the source, almost $8.5 million has already been transferred. As a result, the Platypus USD stablecoin was depegged and fallen 52.2% to $0.478 at the time of writing.

The flash attack is the same method used by Avi Eisenberg when he allegedly manipulated the price of the MNGO Mango Markets coin in October. Shortly after the exploit, Eisenberg said that, in his opinion, “all of our actions were legitimate actions in the open market using the protocol as intended.”

Platypus has not yet made a public statement about the incident.

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