The Paris Criminal Court reportedly recently acquitted the Platypus hackers of all charges and allowed them to leave court without legal punishment.
The judge explicitly stated that the charges against the Platypus hackers were dismissed because French criminal law does not technically prohibit protocol hacking.
Platypus suffered serious losses
According to the report, decentralized finance platform Platypus suffered losses equivalent to $9.03 million in its cryptocurrency pool.
Mohammed M. stated that he took advantage of a code error that day and withdrew all his assets without providing equivalent consideration.
Such incidents are common in decentralized finance, where automation simplifies cryptocurrency operations. However, vulnerabilities in “smart contract” programming can become a conduit for the theft of funds.
Cryptocurrency exchange Binance has reportedly alerted investigators from the Central Bureau of Information and Communications Technology Crime.
Within days, they traced the financial flow, identified and arrested the two brothers, Mohammed and Benamar M.
Learn more: 15 most common cryptocurrency scams to watch out for
What were the hackers accused of?
Mohammed M. was charged with unauthorized access, maintaining an automated data system, fraud and money laundering.
Meanwhile, his older brother was reportedly indicted on charges of handling stolen property.
But the judge dismissed the case.
This incident highlights the ongoing fight against the challenges and vulnerabilities of the decentralized finance sector.
But the loss of the Platypus highlights the need for strong security measures in an era when financial automation brings both efficiencies and risks.
As the industry evolves, platforms will need to harden their smart contracts against potential abuse.
Learn more: What is Rug Pull? Guide to Web3 Scams
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