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DeFi protocol Platypus Finance implements compensation plan following $9.1m exploit

Platypus Finance creates compensation portal for users following

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TL;DR

  • Platypus Finance has created a portal to allow users to view how much compensation they are owed from the platform.
  • The DeFi team emphasized that users who have spotted calculation errors can submit a form and supporting evidence to back their claim before March 3.

Following the recent $9.1 million exploit, decentralized finance (DeFi) protocol Platypus Finance has created a portal to allow users to view how much compensation they are owed from the platform. On February 16, Platypus suffered a flash loan attack that caused its stablecoin, USP, to break its peg with the U.S. dollar.

An audit from Omniscia showed that the attack was triggered by code in the wrong order, resulting in a total loss of $9.1 million for Platypus. In response, the team has developed a compensation plan to return around 78% of funds lost to users through reminting frozen stablecoins. Their latest update includes a portal that gives users more insight into compensation, such as an overview, pre-attack net value, and post-attack adjustments. This is intended to ensure that all users know how much they will receive from the platform.

The DeFi team emphasized that users who have spotted calculation errors can submit a form and supporting evidence to back their claim before March 3, 11:59 pm UTC. After reviewing the feedback they receive, the protocol will finalize its calculations and make the first compensation available for users to claim by the start of March.

In addition, they are prioritizing the recovery of any remaining funds. On February 25, French police arrested two suspects linked to the hack and successfully seized crypto assets worth approximately $222,000. This was made possible thanks to the help of cryptocurrency sleuth ZachXBT and the Binance exchange.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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