Platypus DeFi Protocol Hit by Triple Flash Loan Attacks
- DeFi
- DeFi Protocol
Platypus, a DeFi protocol on Avalanche using liquidity pools for stablecoin trading, suffered three separate flash loan attacks on October 12. Attackers drained a total of $2.23 million across the incidents. The exploits targeted vulnerabilities in the protocol's oracle and liquidation mechanisms, forcing immediate pauses and community response.
Incident Details
- Type
- PROTOCOL EXPLOIT
- Funds Lost
- $2.2M
- Status
- Partial recovery
Protocol paused all pools and began recovery discussions with community.