• Platypus Finance has announced a compensation plan for users affected by the $9 million exploit, offering a minimum of 63% of funds to be recovered.
• The platform is working with Binance and law enforcement to confirm the identity of the hacker who used a Binance account for withdrawal. They have also worked with blockchain intelligence firm BlockSec to recover $2.4 million worth of stolen USDC and Tether froze 1.5 million worth of USDT.
• A proposal was submitted to Aave’s governance forum for the release of $380,000 in stablecoins which will increase the compensation rate up to 78%.
Platypus Finance has laid out a compensation plan for users affected by last week’s $9 million exploit, ensuring a minimum recovery rate of 63%. This may increase to 78% based on a governance vote on Aave.
The platform is working with crypto exchange Binance to confirm the identity of the exploiter who used an account that went through know-your-customer checks for withdrawal request. Platypus Finance has also contacted law enforcement and filed a complaint regarding the hack in France.
Blockchain intelligence firm BlockSec assisted Platypus Finance in recovering $2.4 million worth stolen USDC while Tether froze $1.5 million worth stolen USDT. However, $287,000 worth assets stolen in third attack were written off as lost and unrecoverable due to them being run through crypto mixer Tornado Cash and encryption service Aztec Network, making them untraceable.
The pool will relaunch next week without functions associated with USP whereas on-chain voting is planned for participation from community in decision making process as well as police case against exploiter and filing for cybersecurity department are underway too. Additionally, Platypus Finance may use its treasury funds over next six months if more assets can’t be recovered by then or not approved by Aave’s governance forum proposal submission regarding release of 380k stablecoins increasing compensation rate up to 78%.
Platypus Finance is taking all necessary steps towards recovering maximum amount possible from this incident using cutting edge technology and support from various sources including exchanges like Binance, law enforcement etc., so that users can get their funds back quicker than expected while they go ahead creating more secure environment after relaunch next week without compromising user trust/experience/safety at any cost .