Key Points: Platypus was able to recover $2.4 million by Blockchain security firm BlockSec, using a vulnerability in an attacker’s contract.
Only $270,000 of the nearly $9.1million stolen was available for cash.
Platypus is helped by BlockSEC, a cryptocurrency security company. They have implemented an upgraded proxy to help them recover $2.4 million. By implementing an upgraded proxy, BlockSEC helps Platypus recover $2.4 million from attackers.
“By using this loophole, the project is able to transfer funds from the attacker contract into the project’s account.”
BlockSec co-founder Yajin Zhou told The Block that the project was able recover $2 million using the proof of concept we produced. Zhou claims that this was done to recover the money from the attacker’s contracts. Zhou also stated that $8 million worth of assets were left unclaimed by the attacker contract.
“The attack was launched via the flash loan callback interface within the attack contract. This callback function does not have access control. The attacker also hardcoded the logic to approve USDC to project’s contract (which is a proxy), during this callback function.
Zhou stated. The flash loans on AVAX were used to hack the project. The vulnerability in the EmergencyWithdraw function used to verify the MasterPlatypusV4 contract was the cause. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuFoxyCoincu NewsTags: # Cryptocurrencies#MarketsattackBlockchainblockseccryptohackPlatypus