Platypus Finance Hackers Cleared of All Charges on ‘Ethical Hacker’ Defense
The post Platypus Finance Hackers Cleared of All Charges on ‘Ethical Hacker’ Defense appeared on BitcoinEthereumNews.com. The individuals accused of orchestrating the $8.5 million hack of Platypus Finance, an Automated Market Maker (AMM) protocol on Avalanche in February 2023, have been cleared of criminal charges by a French court, according to Le Monde. The defendants, identified as Mohammed and his brother Benamar M., were arrested approximately one week after attacking the platform. Defendants Assert ‘Ethical Hacker’ Defense Following the February hack of Platypus Finance, the efforts of crypto investigator ZachXBT and assistance from Binance helped French authorities identify the brothers. Subsequently, the 22-year-old Mohammed faced multiple charges related to the attack, as reported by Le Monde. His brother, Benamar M., was charged with receiving stolen goods. Prosecutors initially sought a five-year prison sentence for Mohammed in connection with the criminal charges. However, the defendants were ultimately acquitted after Mohammed presented the defense that he identified as an “ethical hacker.” According to the argument, Mohammed hoped to receive a bonus of 10% of the total sum as part of his efforts to rectify the situation. During the flash loan attack, Mohammed made a critical error that resulted in millions of dollars of stolen funds being inadvertently locked away, with only around $270,000 recovered. In response, Platypus Finance executed a counter-hack, reclaiming $2.4 million in USDC. The tribunal judges ruled that since Mohammed accessed a publicly available smart contract, charges related to unauthorized access to a computer system were not applicable. Additionally, the court determined that Mohammed’s use of Platypus’s “emergency withdrawal” smart contract, which contained the vulnerability he exploited, did not constitute fraud. Given the dismissal of fraud charges, the tribunal also dropped charges related to money laundering and receiving stolen goods. However, the judges reminded the brothers that Platypus Finance could still pursue civil action against them. While the criminal charges did not hold up, the…
The post Platypus Finance Hackers Cleared of All Charges on ‘Ethical Hacker’ Defense appeared on BitcoinEthereumNews.com.
The individuals accused of orchestrating the $8.5 million hack of Platypus Finance, an Automated Market Maker (AMM) protocol on Avalanche in February 2023, have been cleared of criminal charges by a French court, according to Le Monde. The defendants, identified as Mohammed and his brother Benamar M., were arrested approximately one week after attacking the platform. Defendants Assert ‘Ethical Hacker’ Defense Following the February hack of Platypus Finance, the efforts of crypto investigator ZachXBT and assistance from Binance helped French authorities identify the brothers. Subsequently, the 22-year-old Mohammed faced multiple charges related to the attack, as reported by Le Monde. His brother, Benamar M., was charged with receiving stolen goods. Prosecutors initially sought a five-year prison sentence for Mohammed in connection with the criminal charges. However, the defendants were ultimately acquitted after Mohammed presented the defense that he identified as an “ethical hacker.” According to the argument, Mohammed hoped to receive a bonus of 10% of the total sum as part of his efforts to rectify the situation. During the flash loan attack, Mohammed made a critical error that resulted in millions of dollars of stolen funds being inadvertently locked away, with only around $270,000 recovered. In response, Platypus Finance executed a counter-hack, reclaiming $2.4 million in USDC. The tribunal judges ruled that since Mohammed accessed a publicly available smart contract, charges related to unauthorized access to a computer system were not applicable. Additionally, the court determined that Mohammed’s use of Platypus’s “emergency withdrawal” smart contract, which contained the vulnerability he exploited, did not constitute fraud. Given the dismissal of fraud charges, the tribunal also dropped charges related to money laundering and receiving stolen goods. However, the judges reminded the brothers that Platypus Finance could still pursue civil action against them. While the criminal charges did not hold up, the…
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