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Home»TRADING NEWS»Platypus DeFi platform faces €8.3 million loss
TRADING NEWS

Platypus DeFi platform faces €8.3 million loss

By Crypto FlexsDecember 4, 20232 Mins Read
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Platypus DeFi platform faces €8.3 million loss
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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

disclaimer

In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts.

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