French police arrest 2 people for Platypus attack

French police arrest 2 people for Platypus attack

French police have arrested two suspects in connection with the $9.1 million Platypus attack. Police also seized 210,000 euros worth of cryptocurrencies

According to Platypus’ statement, the research that led to the arrest came after the work of on-chain researcher ZachXBT and cryptocurrency exchange Binance. The protocol was subjected to three separate attacks by the same attacker on February 16.

The attacks have resulted in the theft of several stablecoins and other virtual assets. In the first attack, approximately $8.5 million in assets were seized, while in the second attack, approximately 380,000 assets were mistakenly sent to the Aave v3 contract. In the third attack, $287,000 was stolen. The attack resulted in the loss of the 1:1 value of the Platypus USD (USP) stablecoin to the US dollar.

According to Platypus’ statement, the attackers used the flash loan method to exploit a bug in the USP control mechanism.

The Platypus attack was the same method used in the Mango Market attack in October 2022. “All our actions were legal open market actions. We used the protocol as designed,” said Mango Market attacker Avi Eisenberg after the attack. Eisenberg was arrested in Puerto Rico on December 28 on fraud charges.

Playtpus announced its plan to return funds to users affected by the attack on February 23. According to the statement, 63% of the main pool funds will be returned within six months. According to the prepared plan, reprinting the frozen stablecoins can ensure that 78% of the fpns are recovered.

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