Platypus, the decentralized finance protocol, has gone on to lose over $2 million in assets after the team lost another flash loan exploit on its platform. The protocol has gone on to suspend all of its pools as a response to this attack. According to CertiK, the blockchain security platform, the DeFi platform has suffered through three separate attacks, with around $2.23 million being taken across all the exploits.
On the 12th of October, the first attack took place, wherein $1.2 million had been extracted from this platform. Yet another attack had taken place just a few hours later, where they stole around $575,000 worth of assets from the very platform. Just a minute after that, the third attack took place, with around $450,000 in assets lost.
Platypus Suspends Operations After Multiple Crypto Attacks
For those wondering, Platypus is an AMM or an automated market maker protocol that allows all digital assets to be traded in an automatic manner by using pools of liquidity instead of more traditional markets where one would find sellers and buyers. The platform, in its attempt, also managed to raise close to $3.3 million in 2021 as a result of a funding round that was led by Three Arrows Capital, which has now been bankrupt.
In a flash loan attack, the traders had exploited a vulnerability that would allow one to instantaneously borrow cryptocurrency without providing any necessary collateral for the transaction. CertiK went on to note that the recent flash loan attack is the third attack that took place on Platypus in 2023. On the 16th of February, the protocol had lost around $8.5 million in yet another exploit, which also led to the de-pegging of the stablecoin.
