Blockchain security company CertiK tweeted that the decentralized Finance (Defi) agreement Platypus Finance suffered a flash loan attack on Thursday. The potential damage to this attack is $8.5 million.
According to CoinGecko, the agreement stabilizes the loan currency platypus dollar (USP) to lose its price associated with the dollar, falling from an anchor of $1 to 48 cents because of a vulnerability in the system.
A member of the Platypus team posted on the agreement's Discorde server: "at this stage, all practical operations will be suspended until everyone gets a clearer message."
Platypus is an automated market-making technology based on a chain of landslides, where login password traders swap smooth codes. According to DefiLlama statistics, the agreement identified $59 million worth of digital assets, well below the all-time high of $1.2 billion set in March last year.
Lightning loans are unsecured loans that are becoming increasingly popular among traders under diversified equity financing (Defi) loan agreements to quickly profit from arbitrage opportunities. However, exploiters often use flash memory chips to borrow money to destroy stability and suck digital assets away from Defi agreements.
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Tue, 18 Apr 2023