WEB3
by BSCN
December 4, 2023
Platypus hackers had drained $8.5 million from Platypus in February through a flash loan attack, prompting the protocol to suspend trading services.
The criminal court in Paris has dismissed charges against the notorious Platypus hackers, Mohammed M and Benamar M, who orchestrated the $8.5 million exploit last February.
The dismissal comes as a result of the court's interpretation that "French criminal law does not technically forbid hacks of protocol." In spite of the obvious cybercrime, the hackers were released, adding another layer of complexity to cryptocurrency exploit litigation.
On February 16, the Platypus protocol fell victim to a flash loan attack orchestrated by the hackers, leading to a staggering loss of $8.5 million. The attackers exploited a code error, prompting Platypus to halt trading services temporarily until a resolution could be reached.
During an October 26 court hearing, the brothers, Mohammed and Benamar, presented themselves as "ethical hackers" while openly admitting their involvement in the heist.
Their claim rested on the intention to return the funds to Platypus in exchange for a 10% bounty. Mohammed expressed a desire to recover the funds and return them later, expecting compensation from the platform.
Platypus, a decentralized finance (DeFi) protocol, has faced recurrent hacking incidents. In October, the platform suffered another flash loan exploit, resulting in losses exceeding $2 million. CertiK's investigation revealed a series of attacks draining various amounts in different cryptocurrencies.
However, Platypus managed to recover 90% of the stolen funds in October following an understanding reached with the hacker.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Latest News
0h : 52m ago
OKX Ventures, The Open Platform, and Folius Ventures Launch $10M Telegram Growth Hub
October 29, 2024
Is Bitcoin Set to Soar Even Higher?
October 29, 2024
DWF Labs Dismisses Partner Amid Drink-Spiking Allegations in Hong Kong
October 29, 2024
Visa and FV Bank Debut New Debit and Expense Cards, Bridging Crypto and Fiat Global Payments
October 29, 2024
Bitcoin Surges Past $71,000: What Could be the Possible Reasons?
October 29, 2024
Hong Kong Expands Tax Incentives to Include Virtual Assets, Targeting Institutional Investors
October 28, 2024
Dogecoin Surges Amid Musk and Trump Connections
October 28, 2024
Could Robinhood’s U.S.-Only Election Market Predict Results Better by Excluding Foreign Influence?