French police arrested Platypus Finance's protocol hacker


French police have identified the perpetrator and his accomplice in connection with the hacking of the decentralised financial protocol Platypus. Law enforcement agencies' reports were published on their Twitter account. Although they do not directly mention Platypus, they talk about the apprehension of cybercriminals who took €9.5 million (roughly equivalent to what was stolen from the platform).

The capture of these hackers was made possible with the help of Binance and a chain researcher known as @zachxbt. One of the attackers verified the account, which made it possible to trace the attackers. Support from Platypus Finance was also confirmed.

Walter, working under the pseudonym "retlqw", was responsible for hacking the protocol. On 17 February, an analyst concluded that the stolen funds were linked to the crypto-address retlqw.eth after closely examining the transfers. The same pseudonym was used by a man called Walter, who liked the tweet about the Platypus hack and then deleted all his social media accounts under the same name.

As we know, because of the Platypus Finance hack, the USP collapsed by more than 50%, dropping to $0.47. It was found that at the time of the emergency withdrawal initiated by the perpetrator, no interest was charged on the collateral provided. Consequently, a lack of or even no audit could be responsible for this attack.

Platypus, a platform that operated on the Avalanche network, allowed for market-making in stablecoin pairs and had raised more than $540 million by early February 2023. However, as a result of the attack, the amount of capital was sharply reduced to only $ 40 million.

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