PeckShield Tweeted loss of $2M on Platypus Finance on Avalanche
The post PeckShield Tweeted loss of $2M on Platypus Finance on Avalanche appeared on BitcoinEthereumNews.com. 1 PeckShield reported a security exploit on Platypus Finance which is on the Avalanche network. 2 The estimated loss of $2 Million was reported. Platypus Finance, a DeFi protocol on Avalanche, reported a security breach in October 2023. Security firm PeckShield calculated an approximate loss of $2 Million. The project temporarily halted its activities. Platypus Finance informed that it had taken preventive measures and had halted its liquidity pools and that they will update the community. The incident appears to be a flash loan attack targeting the AVAX-sAVAX liquidity pool. But, the official comment on the vector attack has not been announced. Tweets From PeckShield and Platypus Finance The exploit has led to the loss of $2 Million which triggered concerns from the crypto community. Through the official Twitter handle @Platypusdefi, Platypus Finance alerted the community about the suspicious activities within their protocol. They ended the tweet with a thank you note to the community for their patience and support during this time. The protocol was tweeted at 3.11 p.m. At 3:21 pm, the blockchain security company PeckShield Inc. took to Twitter to notify Platypus Finance about a possible exploit. In the tweet, they mentioned that Platypus Finance on Avalanche had been exploited for approximately $1 Million. Soon, the loss updated to $2 Million. The tweet also contains the link to snowtrace(dot)io which provides details related to the exploit. However, immediate action has been taken by Platypus Finance by suspending the activities temporarily. The hack has raised the concern from the DeFi community on Avalanche. The news has gained notable attention. PeckShield’s and Platypus Finance’s tweets obtained 5,090 and 23.8K views a short period of time. A flash loan is a method in decentralized finance where users are permitted to buy assets without collateral. However, hackers have decoded a way…
The post PeckShield Tweeted loss of $2M on Platypus Finance on Avalanche appeared on BitcoinEthereumNews.com.
1 PeckShield reported a security exploit on Platypus Finance which is on the Avalanche network. 2 The estimated loss of $2 Million was reported. Platypus Finance, a DeFi protocol on Avalanche, reported a security breach in October 2023. Security firm PeckShield calculated an approximate loss of $2 Million. The project temporarily halted its activities. Platypus Finance informed that it had taken preventive measures and had halted its liquidity pools and that they will update the community. The incident appears to be a flash loan attack targeting the AVAX-sAVAX liquidity pool. But, the official comment on the vector attack has not been announced. Tweets From PeckShield and Platypus Finance The exploit has led to the loss of $2 Million which triggered concerns from the crypto community. Through the official Twitter handle @Platypusdefi, Platypus Finance alerted the community about the suspicious activities within their protocol. They ended the tweet with a thank you note to the community for their patience and support during this time. The protocol was tweeted at 3.11 p.m. At 3:21 pm, the blockchain security company PeckShield Inc. took to Twitter to notify Platypus Finance about a possible exploit. In the tweet, they mentioned that Platypus Finance on Avalanche had been exploited for approximately $1 Million. Soon, the loss updated to $2 Million. The tweet also contains the link to snowtrace(dot)io which provides details related to the exploit. However, immediate action has been taken by Platypus Finance by suspending the activities temporarily. The hack has raised the concern from the DeFi community on Avalanche. The news has gained notable attention. PeckShield’s and Platypus Finance’s tweets obtained 5,090 and 23.8K views a short period of time. A flash loan is a method in decentralized finance where users are permitted to buy assets without collateral. However, hackers have decoded a way…
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