Platypus Finance, a DeFi protocol on the Avalanche network, has faced another security breach, resulting in a loss of over $2 million. This incident has prompted Platypus Finance to take precautionary measures by temporarily suspending all pools and investigating suspicious activities within the protocol.
Although the precise attack method has not been officially confirmed, it is believed to be a flash loan attack, primarily targeting the AVAX-sAVAX liquidity pool.
This is not the first security breach for Platypus Finance. In February 2023, a flash loan attack led to an $8.5 million loss, focusing on the platform’s newly introduced stablecoin, USP. These incidents underline the vulnerabilities of new DeFi projects.
The crypto industry has experienced several security breaches and hacks in the third quarter of this year, with Certik reporting losses of around $700 million for Q3, 2023. These events emphasize the need to enhance security and risk management in the DeFi sector.
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