Platypus Finance Hackers Cleared of Criminal Charges by French Court
The individuals accused of orchestrating the $8.5 million hack of Platypus Finance on Avalanche in February 2023 have been cleared of criminal charges by a French court. The defendants, Mohammed and his brother Benamar M., were arrested one week after the attack. Crypto investigator ZachXBT and Binance assisted French authorities in identifying the brothers. Initially, prosecutors sought a five-year prison sentence for Mohammed, but he presented an “ethical hacker” defense, stating that he intended to rectify the situation and receive a bonus. The court ruled that charges related to unauthorized access and fraud were not applicable.
Flash Loan Attacks Continue
Platypus Finance experienced another attack in October, resulting in a loss of over $2 million. PeckShield alerted the community about the hack, leading to the temporary suspension of all pools. Similar flash loan attacks have occurred on other platforms, including KyberSwap, BNB Chain, Sturdy Finance, and Euler Finance. These incidents highlight the ongoing challenges and vulnerabilities faced by DeFi platforms in maintaining security.
Hot Take: The Importance of Strengthening DeFi Security
The recent acquittal of the Platypus Finance hackers raises questions about the effectiveness of legal recourse against cybercriminals in the crypto space. While the court dismissed criminal charges due to technicalities, it is crucial for DeFi platforms to strengthen their security measures to prevent such attacks. Flash loan attacks continue to exploit vulnerabilities in protocols, causing significant financial losses. As the popularity of DeFi grows, it becomes imperative for developers and users alike to prioritize security and implement robust defenses against malicious actors.
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