Platypus Finance provides recovery estimates after flash loan attack

Platypus Finance has launched a portal that will allow users to see how much compensation they are owed, according to a post from the project on Feb. 28.

The DeFi platform was originally attacked on Feb. 16 when attackers used flash loans on the Avalanche blockchain to exploit the project for $9 million.

The project said that user claims should begin in March.

Platypus managed to directly recover $2.4 million of stolen funds in the days following the attack. The company previously said that it plans to return 63% of stolen funds to users.

The firm also said that it might be able to recover as much as 78% of user funds if external efforts succeed. Specifically, the project plans to have Aave restore erroneously transferred assets and have Tether remint USDT that were frozen post-attack. Today’s announcement did not make reference to those efforts, which appear to be ongoing.

French police have also arrested two suspects in connection to the attack, according to a tweet from law enforcement on Feb. 24. The police additionally seized 210,000 euros ($222,100) of cryptocurrency in connection with the attack.

Journalist at CryptoSlate

Mike trained in library and information sciences before moving into crypto writing in 2018. He lives on the West Coast of Canada.