Platypus Finance, a decentralized finance protocol on Avalanche, announced that the French National Police have arrested two people suspected of hacking its protocol. The project assisted French law enforcement in tracing the identity of the attackers to a KYC-verified Binance account that was being used in an attempt to cash out the stolen funds.
Platypus said the alleged hackers were taken into custody after the firm provided information to trace them with help from pseudonymous on-chain analyst ZachXBT and crypto exchange Binance. On Feb. 16, hackers stole almost $9.1 million in crypto assets from Platypus. Since then, recovery efforts have been underway.
About $2.4 million in USDC stablecoin was recovered, after it had been placed in the attacker's contract. This was made possible by the efforts of blockchain security firm BlockSec. The security firm found a loophole in the attacker's contract and retrieved 2.4 million USDC by transferring it from the contract back to Platypus's control. Another $1.5 million in stolen USDT was frozen with the help of its issuer, as Platypus had noted earlier.
Platypus Finance has assured its users that it will continue to take steps to enhance its security measures to prevent such incidents from happening in the future.
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