French police arrested two individuals in connection with the Platypus exploit in the month of February. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. DeFi will be in focus during the inaugural Commodity Futures Trading Commission (CFTC)…
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Developers face tradeoffs between making bridges upgradeable to fix bugs versus making them decentralized. Over $2.5 billion was stolen in cross-chain crypto bridge hacks from 2021 to 2022, according to a report by Token Terminal. But, despite several attempts by developers to improve bridge security, a debate from December 2022 to January 2023 on the Uniswap…
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The French police have arrested two suspects and seized 210,000 euros worth of crypto in connection with the Platypus exploit. Two suspects have been arrested by the French police in connection with Platypus’ $9.1 million exploit, and 210,000 euros worth of cryptocurrency has been seized, according to the local authorities. Investigations leading to the arrests…
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DeFi market saw another exploit this past week on the Platypus protocol, resulting in a loss of over $8 million. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The backlash from the Terra implosion still haunts the…
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DeFi protocol Platypus seeks to return nearly 78% of the main pool funds by reminting frozen stablecoins. Decentralized finance (DeFi) protocol Platypus has disclosed the details of a recent $9.1 million exploit, alongside its efforts to recover the funds and a compensation plan for victims. In a Medium post on Feb. 23, the company revealed…
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As the crypto industry recovers, a new generation of modular blockchains could replace centralized bridges and exchanges. The public blockchain sector grew from less than a few million dollars in the last decade to a $1 trillion industry. However, one thing that the space has yet to achieve is a decentralized, secure interoperable solution. Let’s…
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According to the DeFi protocol, different parties are currently involved in the funds’ recovery process, including legal enforcement officials. Decentralized finance (DeFi) firm Platypus is working on a compensation plan for user’s losses after a flash loan attack drained nearly $8.5 million from the protocol, affecting its stablecoin dollar-peg. In a Tweet on Feb. 18,…
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The misordered lines caused a solvency check to be performed before the user’s amount, factor, and rewardDebt had been set to zero The $8m Platypus flash loan attack was made possible because of code that was in the wrong order, according to a post mortem report from Platypus auditor Omniscia. The auditing company claims the…
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The DeFi market’s total value locked surpassed $50 billion for the first time in six months thanks to the bullish burst in the crypto market over the past week. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.…
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Cyber criminals used a variety of methods to siphon funds through hacks and exploits in 2022, amounting to over $2.8 billion in losses. Cyber criminals used a variety of novel ways to carry out hacks and exploits in 2022, with over $2.8 billion of cryptocurrency stolen last year. According to a report from CoinGecko using…
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