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Blockchain Security Company Recovers $2.4 Million from Platypus Hackers

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It is reported that after the stable currency trading project Platypus was attacked by hackers, with the help of blockchain security company BlockSec, at least…

Blockchain Security Company Recovers $2.4 Million from Platypus Hackers

It is reported that after the stable currency trading project Platypus was attacked by hackers, with the help of blockchain security company BlockSec, at least US $2.4 million has been recovered. MetalSleuth, a visualization tool of Blocksec, said that of the nearly $9.1 million stolen from Platypus, attackers could only cash in $270000. BlockSec took advantage of the vulnerability in the attack contract and used the callback function to transfer funds from the attack contract to the Platypus account. Currently, it has recovered $2.4 million. According to the previous news, Platypus suffered a flash loan attack and lost about $9 million. Most of the stolen funds remained in the attacker’s contract address, and some funds were sent to the EOA and AAVE pools. After decompiling the attack contract, it was found that the attacker did not implement the cash withdrawal function in the contract, resulting in that the attack proceeds could not be extracted, and $8.5 million was frozen in the attack contract.

Security company BlockSec helped Platypus recover $2.4 million of stolen funds

Interpret the above information:


Platypus, a stable currency trading project, recently suffered a flash loan attack resulting in the loss of approximately $9 million. However, with the help of blockchain security company BlockSec, at least $2.4 million has been recovered. This recovery was achieved by taking advantage of the vulnerability in the attack contract and utilizing the callback function to transfer funds from the attack contract to the Platypus account.

MetalSleuth, a visualization tool of Blocksec, reported that out of the $9.1 million stolen from Platypus, attackers were only able to cash in $270,000. Most of the stolen funds remained in the attacker’s contract address, while some funds were sent to the EOA and AAVE pools. After decompiling the attack contract, it was discovered that the attacker failed to implement the cash withdrawal function in the contract, resulting in $8.5 million being frozen in the attack contract.

The recovery of $2.4 million is a significant achievement for Platypus and serves as a warning to other cryptocurrency projects. The fact that BlockSec was able to recover a sizable amount of the stolen funds underscores the importance of blockchain security, especially in the face of increasingly sophisticated hacking techniques employed by cybercriminals.

The successful recovery of funds also highlights the importance of vulnerability management in blockchain projects. Identifying and addressing vulnerabilities is critical in preventing attacks and reducing the risk of financial loss. Furthermore, the use of visualization tools like MetalSleuth can enable companies to quickly identify and respond to security incidents, reducing the time needed to recover stolen funds.

In conclusion, the recovery of $2.4 million by BlockSec from the Platypus hackers is a significant milestone for the cryptocurrency industry. It highlights the importance of cybersecurity in the digital asset space and serves as a reminder to companies to prioritize the implementation of robust security measures to protect their assets from theft. It is an encouraging sign that, with the right tools and expertise, it is possible to recover stolen crypto assets and mitigate the impact of cybercrime.

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