Platypus Finance, a DeFi protocol, has announced the creation of a portal that enables its customers to verify the amount owed to them by the platform following the $9.1 million hack of the protocol.
On February 16, the DeFi protocol, which supports the Platypus USD (USP) stablecoin, experienced a flash loan attack, causing the stablecoin to lose its 1:1 peg to the US dollar.
Platypus confirmed that its main pool incurred a loss of nearly $8.5 million and stated that they were in talks with the attacker to explore a possible bounty. Additionally, the team acknowledged two more occurrences that resulted in an extra $667,000 stolen, bringing the total loss to over $9.1 million.
According to a post-mortem report conducted by Platypus’ auditor, Omniscia, the attack was enabled by incorrectly ordered code. The Platypus team reported that “the bug responsible for the attack was a logic error in the USP solvency check mechanism within the collateral-holding contract.”
The team disclosed that they had created a plan to compensate users for their lost money following the hack. This strategy involves the latest protocol update and the newly launched portal to enable users to confirm the amount of compensation they are entitled to from the platform.
Users can browse through different sections on the platform’s website to learn more about their entitled compensation after the exploit, including an overview of the pre-attack net value and any post-attack adjustments. The team explained that users could report calculation errors by filling out a form and submitting supporting documentation before March 3 at 11:59 p.m. UTC.
Platypus stated that after receiving user feedback, it would finalize the calculations, after which users could submit a claim for the initial reimbursement in March.
The team stated that their top priority is to issue refunds, and they are currently in the process of attempting to recover any unclaimed funds. Earlier last week, they announced their intention to recoup approximately 78% of the funds from the primary pool by reminting the frozen stablecoins. In their words: “In addition, if our proposal submitted to Aave is approved and Tether confirms reminting the frozen USDT, we will be able to recover approximately 78% of user’s funds.”
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