Platypus Finance divulges its plans for recouping

Following the $9.1 million hack, Platypus Finance has sought advice from security professionals to address two of its primary concerns. The first is the ability to retrieve as much of the money as possible, and the second is revealing the hacker’s identity. In a first start, Platypus Finance, a decentralized finance (DeFi) system for stablecoins, will return at least 63 percent of the funds to its connected consumers.

The entity also happens to have reached out to Binance in order to unravel the hacker’s identity. This is because the alleged hacker happened to have utilized a Binance account that carries out KYC checks with a request for a withdrawal. Incidentally, the exploitation took place in three phases. In the first phase, an amount of $8.5 million was siphoned off in the form of stablecoins. There was also Circle’s USDC, Tether’s USDT, Maker’s DAI, and Paxos’ Binance USD.

In the case of the second hack, the amount of $380,000 in the form of stablecoins was erroneously shifted to the lending protocol, Aave. In this case, Platypus has made a request for the return of the amount. In the third case scenario, an amount worth $287,000 in belongings has been siphoned off. Platypus believed that retrieving the money would be impossible due to the hacker’s use of Twister Money and Aztec Community in terms of belongings. However, the upside happens to be the fact that the protocol has managed to claim an amount of $2.4 million of the USDC stablecoins with the assistance of BlockSec. Tether has frozen an amount of USDT worth $1.5 million on its own. 

As part of its plan, Platypus has decided to use the $1.4 million it has on hand to pay the victims and spread it out over six months if necessary. This will comprise at least 63% of the money that will be properly disbursed. Also, the return of the USDT by Tether and the recovery of the mistaken transaction with Aave would result in a total recovery of 78% of customer funds for Platypus Finance.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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