Court Clears Accused in Smart Contract Trial
A French court has cleared the individuals accused of planning an $8.5 million hack of Platypus Finance, an Automated Market Maker protocol on the Avalanche blockchain, of all charges. The court ruled that French criminal law does not technically outlaw hacks of protocols, leading to the dismissal of the case. Despite their admitted involvement in the crime, the accused argued that they were ethical hackers and planned to return the money to Platypus in exchange for a reward. This ruling highlights the challenges of prosecuting crypto exploits.
Platypus Hack: $2.4M Recovered in Counter-Hack
The accused made a crucial mistake during the hack, resulting in the unintentional lockup of millions of dollars’ worth of stolen cryptocurrency. Platypus Finance responded by conducting a counter-hack and recovering $2.4 million in stablecoin USDC. The hack occurred in three parts, with varying amounts of cryptocurrencies being stolen. Despite frequent hacking events involving Platypus, an agreement with the hacker allowed the platform to retrieve 90% of the stolen funds.
Hot Take: Acquittal of Platypus Hackers Boosts AVAX Price
The recent acquittal of the accused in the Platypus Finance hack has had a positive impact on AVAX’s price. In the past 24 hours, AVAX’s price has increased by 3.8%. This news demonstrates investor confidence in AVAX following the dismissal of criminal charges against the hackers involved in the high-profile hack. With AVAX selling at $22.88 at press time, its price continues to show upward momentum.
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