Platypus Finance Launches Portal To Compensate Users Following $9.1M Exploit

Platypus Finance, a decentralized finance (DeFi) protocol, has created a compensation portal for users affected by the recent $9.1 million Exploit. The portal allows users to view how much the platform owes them and how they can claim refunds.

On Feb. 16, the DeFi protocol suffered a flash loan attack, which caused the Platypus USD (USP) stablecoin to break its peg with the U.S. dollar. The attack resulted in a loss of around $8.5 million from the main pool, with an additional $667,000 exploited in two more incidents.

The Platypus Finance team developed a compensation plan for users in response to the hack. On Feb. 23, they announced they would remint frozen stablecoins to return around 78% of the central pool funds.

The team also launched a page that lets viewers check how much compensation they can get from the platform. The page includes an overview, a pre-attack net value, and post-attack adjustments. However, users can submit a form and supporting evidence before Mar. 3, 11:59 pm UTC if users find calculation errors.

Platypus Finance emphasized that they will finalize the calculations once all feedback is received. After that, the first compensation will be available for users to claim in March. The team is currently prioritizing refunds and working to recover any remaining funds.

French Police Arrest Two Suspects Related to the Hack

On Feb. 25, French police arrested two suspects related to the hack and seized around $222,000 worth of crypto assets. According to Platypus Finance, the arrests were supported by crypto sleuth ZachXBT and the Binance exchange.

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Platypus Finance’s compensation portal provides a transparent way for users to view and claim refunds after the recent Exploit. The team’s efforts to recover any remaining funds and work on a compensation plan demonstrate their commitment to their users.

The author’s views are for reference only and shall not constitute investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing

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