Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
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
Facebook Twitter Pinterest LinkedIn Tumblr Email
Platypus DeFi platform faces €8.3 million loss
Share
Facebook Twitter LinkedIn Pinterest Email

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.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

NFT sales in August increased 2.78% in July 2025

September 1, 2025

Metaplanet’s bitcoin strategy is having trouble with stock plummet in the crisis of financing.

August 31, 2025

Four coins to be purchased as decisions for five branch XRP ETFs will be pushed until October.

August 30, 2025
Add A Comment

Comments are closed.

Recent Posts

Are you ready to token everything?

September 1, 2025

Sign Up And Get $500, Ushering In A New Era Of BTC, XRP, And DOGE Cloud Mining

September 1, 2025

Turning Social Hype Into Token Allocation

September 1, 2025

InFocus Launches Digital Ventures Strategy With Mythos Group To Push Into Blockchain, AI And Bitcoin

September 1, 2025

WorldShards Announces Partnership With ByBit And TGE Date

September 1, 2025

EcoSync & CarbonCore Launch Full Stages Refi Infrastructure Linking Carbon Credits With Web3

September 1, 2025

NFT sales in August increased 2.78% in July 2025

September 1, 2025

Bitcoin Price Posts for 5 consecutive August losses: Will Michael Saylor react?

August 31, 2025

Metaplanet’s bitcoin strategy is having trouble with stock plummet in the crisis of financing.

August 31, 2025

Next chapter of ecosystem support program

August 31, 2025

Ether Lee (ETH) tests major support for $ 4,453 after the highest rejection.

August 31, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Are you ready to token everything?

September 1, 2025

Sign Up And Get $500, Ushering In A New Era Of BTC, XRP, And DOGE Cloud Mining

September 1, 2025

Turning Social Hype Into Token Allocation

September 1, 2025
Most Popular

Bitcoin Whale, Large-scale Sell-Off

January 20, 2024

SWIFT plans to launch a CBDC interconnection system within the next two years.

March 29, 2024

base58 – Are the characters 0, O, I, l really not allowed in addresses?

May 9, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.