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.
We see #quick loan Attack @Utkonosdefy resulting in a potential loss of ~$8.5 million.
TX AVAX: 0x1266a937c2ccd970e5d7929021eed3ec593a95c68a99b4920c2efa226679b430
Stay Frosty! pic.twitter.com/AM2HOM5M2r
— CertiK Alert (@CertiKAlert) February 16, 2023
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.
. @Utkonosdefy The new stablecoin has been in operation for about 8 million years. pic.twitter.com/hNLkiG4l8D
— Speak (@speakaway) February 16, 2023
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.
Credit : cointelegraph.com
