The market maker is used to swap stable coins on the Avalanche blockchain; it has a total locked value of $46 million, according to DefiLlama.
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Blockchain security firm CertiK reported on Feb. 16 that it has spotted a flash loan attack on Avalanche-based stableswap platform Platypus DeFi. The blockchain security firm posted the news in a tweet, alongside the attacker contract address.
— CertiK Alert (@CertiKAlert) February 16, 2023
According to the source, nearly $8.5 million has been already been moved. As a result, the Platypus USD stablecoin became depegged and dropped 52.2% to $0.478 at time of writing.
— Spreek (@spreekaway) February 16, 2023
A flash attack is the same method used by Avi Eisenberg when he allegedly manipulated the price of Mango Markets’ MNGO coin in October. Eisenberg said shortly after the exploit that he believed “all of our actions were legal open market actions, using the protocol as designed.”
Platypus has not yet made a public statement on the incident.