Avalanche’s native token, AVAX, has surged by 17%, pushing it into the top ten cryptocurrencies. With a market cap of $9.4 billion, AVAX has the potential to breach the $30 mark as its positive momentum continues. The surge in network activity, driven by the introduction of Ordinals, has played a significant role in the increased transaction volumes, reflecting the interconnected dynamics between network utilization and AVAX’s value. However, an Avalanche-based DeFi platform, Platypus Finance, faced a setback due to a flash loan attack, resulting in a significant loss.
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Court Clears Accused in $8.5 Million Platypus Finance Hack Case, Raises Concerns Over Crypto Exploits
A French court has cleared the accused individuals of planning an $8.5 million hack on the Platypus Finance platform, citing that French criminal law does not technically outlaw hacks of protocols. The defendants, who posed as ethical hackers, argued that they planned to return the money in exchange for a reward. However, the court’s decision raises concerns about the difficulty of prosecuting crypto exploits.
read moreHackers Cleared of Charges in $8.5 Million Platypus Finance Attack
The individuals accused of orchestrating an $8.5 million hack on Platypus Finance have been cleared of criminal charges by a French court. The defendants claimed to be “ethical hackers” and argued that their actions were intended to rectify the situation. While the criminal charges were dropped, the court emphasized that this decision did not approve of their actions, and the platform could still pursue civil action against them. Flash loan attacks continue to pose challenges for DeFi platforms, with Platypus Finance being targeted again in October, resulting in a loss of over $2 million.
read morePlatypus Finance Hackers Acquitted by French Court in $8.5 Million Case
French court acquits hackers responsible for the Platypus Finance hack, ruling that their use of a flawed smart contract did not constitute fraud. The defendants claimed to be ethical hackers attempting to return the stolen funds, but only managed to recover a small portion of the $8.5 million lost.
read moreFrench Court Clears Hackers Responsible for $8.5 Million DeFi Theft
Two brothers responsible for stealing $8.5 million from decentralized finance protocol Platypus were allowed to go free by a French court. The hackers exploited a code error and withdrew all assets through an uncollateralized loan, but claimed to be “ethical hackers” and offered to return the funds in exchange for a 10% reward. The brothers were cleared of criminal charges due to the similarity to a bug bounty attempt.
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