Court Acquits Platypus Finance Hackers
A French court has acquitted the individuals responsible for the Platypus Finance hack in February 2023. The hack led to a loss of $8.5 million to the Avalanche stablecoin project. According to the court, the hackers’ use of a flawed smart contract on the protocol did not constitute fraud.
The Defence
The hackers behind the February 2023 hack of Platypus Finance, an Automated Market Maker (AMM) protocol on Avalanche, have been acquitted by a French court, which cleared them of criminal charges. The perpetrators, identified as Mohammed and Benamar M, were arrested shortly after the hack. Authorities charged 22-year-old Mohammed with several charges related to the attack, while his brother Benamar M was charged with receiving stolen goods. The brothers had stolen nearly $8.5 million during the hack.
Platypus Had Recovered Some Funds
Platypus Finance was able to recover $2.4 million in USDC with the help of blockchain security firm BlockSec. The hacker, on the other hand, was able to cash out only $270,000, with $8.5 million frozen in the contract they were transferred to. BlockSec used a callback function in the hacker’s contract to get back some of the stolen funds.
Hot Take: French Court Acquits Platypus Finance Hackers
A French court has acquitted the hackers responsible for the $8.5 million Platypus Finance hack. The court ruled that their use of a flawed smart contract did not constitute fraud. Although the perpetrators were arrested, the defendants argued that they were ethical hackers seeking to return the funds for a reward. Despite the acquittal, the court warned that Platypus Finance could still pursue civil action against the hackers. By leveraging a loophole in the hacker’s smart contract, blockchain security firm BlockSec helped recover $2.4 million of the stolen funds. This case highlights the complexities and challenges surrounding crypto-related cybercrime.
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