#8.5m

A Singapore-based deep tech startup referred to as SixSense has developed an AI-powered platform that helps semiconductor producers predict and detect potential chip defects on manufacturing strains in actual time. It has raised $8.5 million in Sequence A bringing its complete funding to round $12 million. The spherical was led by Peak XV’s Surge (previously Sequoia India & SEA), with…

Platypus DeFi Platform Hit by $8.5M Flash Loan Attack with Unexpected Twist – Here's What Happened

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Source: AdobeStack / Sashkin

Decentralized finance (DeFi) protocol Platypus Finance has lost $8.5 million after suffering a flash-loan attack. However, with the help of some on-chain sleuths, the project managed to track down the hacker and even recover some funds. 

On Thursday, an exploiter took advantage of a flaw in the Platypus USD (USP), the protocol’s stablecoin, via a flash loan attack to steal user funds. “They used a flashloan to exploit a logic error in the USP solvency check mechanism in the contract holding the collateral,” the project confirmed in a Twitter post.

The project detailed that nearly $8.5 million worth of funds were stolen from the main pool. As a result, the Platypus USD stablecoin became de-pegged from the U.S. dollar, dropping to an all-time low of $0.33, down more than 66% compared to its intended $1 peg. 

Platypus added that deposits were covered at 85% and that other pools were unaffected. The company said it has contacted the hacker to negotiate a bounty for the return of the funds and also started working with major crypto companies to freeze funds. 

Shortly after, crypto on-chain sleuth ZachXBT revealed that a now-deleted Twitter account going by @retlqw was responsible for the hack, alleging that the addresses identified by Platypus are linked to the account.

“I’ve traced addresses back to your account from the Platypus exploit and I am in touch with their team and exchanges,” ZachXBT said in a tweet aimed at user @retlqw. “We’d like to negotiate returning of the funds before we engage with law enforcement.”

ZachXBT said that he managed to trace the hacker by reviewing their transaction history across multiple chains, which led me to their ENS address retlqw.eth. “Your OpenSea account links directly to your Twitter and you liked a Tweet about the Platypus exploit,” the crypto researcher said. 

Meanwhile, Platypus, with the help of blockchain security firm BlockSec, updated its pool contract to counterexploit $2.4 million in USDC from the hacker.

“They updated it such that when the exploit contract deposited the USDC (which it is tricked to believe is a flash loan) as collateral for the minting of USP, they could trick the code that it owed 0 USDC back,” Twitter user nervoir said.

The user added that Platypus sent the USDC from the fake pool to hardcoded addresses to avoid generalized front runners. “The other assets will probably be harder to recover but given that they control the pool code they have significant control,” they said.

The Platypus hack comes as crypto remains rife with exploits and manipulations. As reported, the industry lost approximately $4 billion worth of digital assets to hacks, fraud, scams, and rug pulls last year. 

Among the various forms of illegal activities, hacks accounted for the bulk majority of crypto losses in 2022. More specifically, hackers stole over $3.7 billion, or more than 95% of all crypto lost in the year. Frauds, scams, and rug pulls comprised only 4.4% of the total losses. 

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Bitfinex sends $8.5M in crypto to Alameda's wallet in last 24 hours

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A Bitfinex-related wallet sent over $8 million worth of crypto assets to bankrupt Alameda Research’s wallet in the last 24 hours, according to Arkham Intelligence data.

The crypto exchange’s wallet made four transactions — which included $6 million USDT and 1545 ETH (roughly $2.52 million) — to the bankrupt firm’s wallet. Bitfinex initially sent less than $100 worth of AAVE and USDT to Alameda.

Source: Arkham Intelligence

Bitfinex is a crypto exchange owned by the parent company of stablecoin issuer Tether, iFinex Inc. The exchange nor Tether has yet to respond to CryptoSlate’s request for comment as of press time.

Tether’s CTO Paolo Ardoino previously denied any exposure to FTX or Alameda. The stablecoin issuer has repeatedly insisted that its business was not impacted by the contagion that has capitulated several crypto firms.

Meanwhile, the reason behind the transfers is currently unknown, as it appears that the wallet is consolidating assets from different on-chain sources.

The wallet also received $4.6 million from an unknown wallet and has received at least 100,000 Lido (LDO) tokens from other Alameda-related wallets in the last three days.

A look at the wallet assets showed that its largest crypto holding was 100 million BitDAO (BIT) tokens worth $55.14 million. Its other holdings included 15,848 Ethereum worth $26.5 million, $36.4 million USDC, $47.1 million USDT, and altcoins like Render (RNDR), FTT, Serum (SRM), etc.

Cumulatively, it holds crypto assets worth $222 million.

Court filings showed that the liquidators had recovered over $5 billion in assets belonging to FTX and its related entities. The wallet’s transaction history further suggested that the liquidators have recorded more success in recovering the bankrupt firms’ assets.

Despite these successes, Alameda liquidators have lost over $11 million to DeFI liquidations after taking over one of the wallets of the bankrupt firm.

Posted In: Bankruptcy, Wallets

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GLOBALWIN Women’s 1838 Black Winter Snow Boots 8.5M

Jump in on this season’s hottest trend with camouflage-clad snow boots. Choose between two different shaft heights for a cozy, tall look or casual, short fit. Choose between classic camouflage and a variety of solid color options to match your winter wardrobe. Tufts of long tan faux fur peek over the top of the boot and black rubber winterproofing over the sole will keep your feet dry in snow and…

Globalwin Women’s 1828 Black Fashion Snow Boots 8.5M

These Globalwin Women’s Boots are inspired by the biker boots and set on a 1 inch heel with great comfortbility. Perfect on a cool fall days. Wear these with everything from jeans to dresses.

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