Decentralized finance (DeFi) protocol Platypus has been hit by an $8.5 million flash loan attack, leading to the de-pegging of its Platypus USD stablecoin, which dropped 52.2% to $0.478.
Blockchain security firm CertiK has identified a suspect through an alleged attacker’s contract address. Tether Holdings has frozen the USDT stolen, and Platypus is seeking to negotiate with the hacker for the return of the funds before engaging with law enforcement.
