Since the attack, Platypus has halted withdrawals and deposits on all liquidity pools while it conducted a security audit.
Platypus Finance, a DeFi protocol operating on the Avalanche Blockchain announced that it has recovered 90% of assets stolen in a security breach last week.
Platypus Finance recovers funds
Last week on October 12, the protocol suffered three separate flash loan attacks that drained their pools of $2.3M and caused bad debt for its treasury. The attacker returned most of the stolen funds in an unexpected turn of events.
Platypus Finance has said that the net loss on the protocol stood at 18,000 AVAX or about $167,400. In a publication on October 17, the protocol noted that since it has recovered a huge chunk of formerly lost tokens, it shall not be pursuing legal action.
Since the attack, Platypus has halted withdrawals and deposits on all liquidity pools while it conducted a security audit.
Read more: Mixin network hacked, DeFi protocol loses almost $200M
This is not the first security breach Platypus has had; earlier this year, the platform suffered two distinct flash loan attacks, one in July costing it $157,000, and another in February costing it $8.5 million.
As part of a recovery plan after the February breach, Platypus had promised to cover at least 63% of the users’ lost assets.
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