Platypus Finance Hackers Acquitted by French Court in $8.5 Million Case

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A French court has acquitted the individuals responsible for the Platypus Finance hack, which resulted in an $8.5 million loss for the Avalanche stablecoin project. The court ruled that the hackers’ use of a flawed smart contract did not constitute fraud. The hackers, identified as Mohammed and Benamar M, were arrested shortly after the hack, thanks to information provided by crypto investigators ZachXBT and Binance. Mohammed claimed to be an ethical hacker who intended to return the funds and receive a bonus. However, he mistakenly locked millions of dollars and could only recover a small portion. Platypus Finance managed to salvage $2.4 million through a counter-hack. The judges found that Mohammed’s access to a publicly available smart contract and his use of Platypus’s emergency withdrawal contract did not constitute fraud. The charges related to money laundering and receiving stolen goods were dropped, but the court warned that Platypus Finance could still pursue civil action. The company was able to recover $2.4 million with the help of blockchain security firm BlockSec, which exploited a loophole in the attacker’s smart contract.

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