{"investigation":{"slug":"platypus-finance","entity_name":"Platypus Finance","trust_score":28,"severity_base":null,"score_modifier":0,"confidence":0.88,"status":"published","content_type":"investigation","summary":"Platypus Finance is an Avalanche-based stablecoin automated market maker (AMM) and issuer of the USP stablecoin that suffered three separate exploits in 2023, losing a combined total of approximately $11.75 million. The first and most severe attack in February 2023 exploited a logic flaw in the protocol's emergency withdrawal function, draining roughly $8.5–9.1 million and causing the USP stablecoin to lose its dollar peg. Two French brothers identified by blockchain investigator ZachXBT were arrested and later acquitted on criminal charges after one argued he was an 'ethical hacker'; as of 2024 the protocol's total value locked had collapsed from over $200 million at peak to below $100,000.","sections":[{"content":"Platypus Finance launched on the Avalanche mainnet on November 29, 2021, positioning itself as a single-sided stablecoin AMM designed to improve capital efficiency over traditional constant-product models. The protocol uses a coverage-ratio mechanism to govern withdrawal limits and slippage pricing. Its native governance and incentive token PTP reached an all-time high of approximately $16.69 in January 2022. A seed funding round in December 2021 raised $3.3 million at a $24 million valuation, with backing that included Three Arrows Capital and Avalanche Labs. At peak, the protocol held over $1.2 billion in total value locked (TVL), which had declined to approximately $59 million by the time of the first major exploit in February 2023. As of mid-2024, TVL stands below $55,000.","heading":"Protocol Overview","sources":[{"url":"https://www.coindesk.com/markets/2023/02/16/usp-stablecoin-loses-dollar-peg-as-defi-protocol-platypus-suffers-85m-attack","name":"CoinDesk: USP Stablecoin Loses Dollar Peg as DeFi Protocol Platypus Suffers $8.5M Attack","type":"news_article","credibility":1},{"url":"https://defillama.com/protocol/platypus-finance","name":"DeFiLlama: Platypus Finance TVL & Volume","type":"research","credibility":2},{"url":"https://cryptorank.io/ico/platypus-finance","name":"CryptoRank: Platypus Finance PTP IDO Token Sale Review","type":"research","credibility":2}],"severity":"low"},{"content":"On February 16, 2023, Platypus Finance suffered its most severe security incident when an attacker exploited a logic flaw in the emergencyWithdraw function of the MasterPlatypusV4 staking contract. The attacker borrowed approximately 44 million USDC via an Aave flash loan, deposited the funds to obtain LP tokens, staked those LP tokens as collateral to borrow against, and then invoked emergencyWithdraw to reclaim the staked LP tokens without first repaying the outstanding debt. The critical vulnerability was that the solvency check verified the user's health before the withdrawal but did not re-verify solvency after the withdrawal, allowing uncollateralized extraction of value. Total losses were estimated between $8.5 million (CertiK) and $9.05 million (BlockSec). The protocol's native stablecoin USP lost its dollar peg during the attack, falling to approximately $0.48 from $1.00. All protocol operations were paused immediately following the discovery. Blockchain security firm BlockSec identified and exploited a secondary vulnerability in the attacker's own contract—an unprotected flashloan callback and an upgradable pool contract—to recover $2.4 million USDC on behalf of Platypus. Tether additionally froze approximately $1.5 million in USDT connected to the attack. French police seized 210,000 euros (approximately $222,000) worth of cryptocurrency in connection with subsequent arrests. Following partial recovery, Platypus announced a compensation plan guaranteeing affected users a minimum of 63% reimbursement, rising to a potential 78% contingent on further recoveries through Tether and Aave.","heading":"February 2023 Flash Loan Exploit ($8.5–9.1 Million)","sources":[{"url":"https://www.coindesk.com/markets/2023/02/16/usp-stablecoin-loses-dollar-peg-as-defi-protocol-platypus-suffers-85m-attack","name":"CoinDesk: USP Stablecoin Loses Dollar Peg as DeFi Protocol Platypus Suffers $8.5M Attack","type":"news_article","credibility":1},{"url":"https://immunefi.com/blog/industry-trends/platypus-finance-hack-analysis/","name":"Immunefi: Hack Analysis — Platypus Finance, February 2023","type":"research","credibility":2},{"url":"https://blocksec.com/blog/5-platypus-finance-surviving-three-attacks-with-a-stroke-of-luck","name":"BlockSec: Platypus Finance — Surviving Three Attacks with a Stroke of Luck","type":"research","credibility":2},{"url":"https://cointelegraph.com/news/platypus-defi-faces-flash-loan-attack-according-to-certik","name":"CoinTelegraph: DeFi Protocol Platypus Suffers $8.5M Flash Loan Attack","type":"news_article","credibility":2},{"url":"https://www.coindesk.com/tech/2023/02/23/defi-protocol-platypus-to-repay-at-least-63-of-user-funds-after-9m-hack","name":"CoinDesk: DeFi Protocol Platypus to Repay at Least 63% of User Funds After $9M Hack","type":"news_article","credibility":1},{"url":"https://www.numencyber.com/platypus-finance-project-hit-by-8-5m-flash-loan-attack/","name":"Numen Cyber: Platypus Finance Project Hit by $8.5M Flash Loan Attack","type":"research","credibility":2},{"url":"https://beincrypto.com/platypus-loses-8-5m-flash-loan-attack/","name":"BeInCrypto: Platypus Protocol Loses $8.5M in Flash Loan Attack","type":"news_article","credibility":2}],"severity":"critical"},{"content":"Following the February 2023 exploit, blockchain investigator ZachXBT published a public analysis linking the attacker's on-chain transactions to a Twitter account, and traced cashout attempts to a KYC-verified Binance account. This information was shared with law enforcement. On approximately February 22–25, 2023, French national police arrested two brothers in the Ile-de-France region, aged 18 and 20, identified in reporting as Mohammed M. and Benamar M. In December 2023, a Paris court acquitted both defendants on all criminal charges. The primary defendant, Mohammed M., argued that he was an 'ethical hacker' who had accessed a publicly available smart contract intending to safeguard the funds and return them in exchange for a 10% recovery bounty. The court found that accessing a publicly available smart contract did not constitute unauthorized access to a computer system, and that use of the protocol's own emergencyWithdraw function did not constitute fraud. Charges of money laundering and receiving stolen goods were also dismissed. The court noted that civil proceedings remained an available avenue for Platypus. Prosecutors had sought a five-year prison sentence for Mohammed M. The acquittal established an unusual legal precedent for DeFi-related criminal prosecution in France and was widely reported as a significant outcome for the classification of smart contract exploitation under French law.","heading":"Arrest and Acquittal of Alleged Attackers","sources":[{"url":"https://www.coindesk.com/policy/2023/12/04/duo-behind-9m-platypus-exploit-acquitted-by-paris-court-report","name":"CoinDesk: Duo Behind $9M Platypus Exploit Acquitted by Paris Court","type":"news_article","credibility":1},{"url":"https://www.theblock.co/post/265797/platypus-finance-hackers-cleared-of-criminal-charges-le-monde","name":"The Block: Platypus Finance hackers cleared of criminal charges (Le Monde)","type":"news_article","credibility":1},{"url":"https://www.coindesk.com/business/2023/02/27/authorities-in-france-arrest-duo-involved-in-platypus-exploit","name":"CoinDesk: French Police Arrest Duo Involved in Platypus Exploit","type":"news_article","credibility":1},{"url":"https://coingeek.com/suspects-in-9m-defi-platform-platypus-attack-arrested-in-france/","name":"CoinGeek: Suspects in $9M DeFi Platform Platypus Attack Arrested in France","type":"news_article","credibility":2},{"url":"https://cryptodaily.co.uk/2023/12/platypus-finance-hackers-acquitted-by-french-court","name":"Crypto Daily: Platypus Finance Hackers Acquitted By French Court","type":"news_article","credibility":2},{"url":"https://bitcoinist.com/platypus-finance-hackers-acquitted/","name":"Bitcoinist: Platypus Finance Hackers Acquitted — Ethical Hacker Defense Prevails","type":"news_article","credibility":2},{"url":"https://www.benzinga.com/markets/cryptocurrency/23/02/31070188/platypus-finance-hacking-suspects-arrested-by-french-police-heres-how-they-were-identified","name":"Benzinga: Platypus Finance Hacking Suspects Arrested By French Police — How They Were Identified","type":"news_article","credibility":2}],"severity":"high"},{"content":"Blockchain investigator ZachXBT published an on-chain analysis within hours of the February 2023 exploit that traced the attacker's wallet activity to a publicly visible Twitter account and identified a KYC-verified Binance account being used to liquidate stolen funds. Platypus Finance publicly credited ZachXBT with the identification of the suspects and French law enforcement used the information to locate and arrest the two brothers. This case became one of ZachXBT's early high-profile investigations and was frequently cited in subsequent reporting as an example of community-driven blockchain forensics leading to real-world law enforcement action.","heading":"ZachXBT's Role in Identifying Attackers","sources":[{"url":"https://www.cybersecurity-help.cz/blog/3152.html","name":"CyberSecurity Help: French police arrest two suspects behind Platypus Finance hack","type":"news_article","credibility":2},{"url":"https://www.benzinga.com/markets/cryptocurrency/23/02/31070188/platypus-finance-hacking-suspects-arrested-by-french-police-heres-how-they-were-identified","name":"Benzinga: Platypus Finance Hacking Suspects Arrested — How They Were Identified","type":"news_article","credibility":2}],"severity":"low"},{"content":"On July 12, 2023, Platypus Finance suffered a second exploit, this time losing approximately $50,000–$51,000. The vulnerability arose from the protocol's incorrect assumption of a fixed 1:1 exchange ratio between USDC and USDT, which deviated from actual market prices and created a flawed withdrawal logic path. Security firm CertiK identified multiple suspicious flash loan transactions associated with the incident. The protocol again paused pools upon detection. The relatively small loss compared to the February incident was noted, but the recurrence of a related class of vulnerability — price assumption errors — raised concerns about the thoroughness of the security remediation following the first hack.","heading":"July 2023 Second Exploit (~$50,000)","sources":[{"url":"https://www.web3isgoinggreat.com/single/platypus-finance-hack-2","name":"Web3 Is Going Great: Platypus Finance Hacked for the Second Time","type":"news_article","credibility":2},{"url":"https://blocksec.com/blog/5-platypus-finance-surviving-three-attacks-with-a-stroke-of-luck","name":"BlockSec: Platypus Finance — Surviving Three Attacks with a Stroke of Luck","type":"research","credibility":2},{"url":"https://www.dlnews.com/articles/defi/avalanche-amm-platypus-finance-hit-by-third-hack-this-year/","name":"DL News: How the Third Hack of the Year Walloped Platypus Finance Investors for $1.6M","type":"news_article","credibility":2}],"severity":"high"},{"content":"On October 12, 2023, Platypus Finance was struck by a third exploit in a single calendar year, losing approximately $2.2 million in Staked AVAX (sAVAX) and Wrapped AVAX (WAVAX) tokens. The attack involved three separate flash loan transactions that manipulated the cash and liability variables in the protocol's smart contracts, which directly governed swap pricing calculations. The attacker deposited WAVAX to LP-AVAX and sAVAX to LP-sAVAX contracts, then swapped sAVAX for WAVAX to artificially reduce cash reserves and inflate swap prices, draining value from the affected pools. Security audits had previously been conducted on other Platypus contracts but had not covered the specific contracts exploited in this attack. The attacker left substantial funds in an insecure wallet, enabling partial recovery. Following negotiations between Platypus Finance and the exploiter, approximately 90% of the stolen funds were returned; the net loss was reduced to approximately 18,000 AVAX (roughly $167,400 at the time). The protocol announced it would not pursue legal action against the October attacker in exchange for the fund return. Security firm Halborn published a detailed post-mortem of the attack mechanism.","heading":"October 2023 Third Exploit (~$2.2 Million)","sources":[{"url":"https://www.halborn.com/blog/post/explained-the-platypus-finance-hack-october-2023","name":"Halborn: Explained — The Platypus Finance Hack (October 2023)","type":"research","credibility":2},{"url":"https://www.theblock.co/post/256074/platypus-finance-exploit-avalanche","name":"The Block: Platypus Finance Suffers More Than $2 Million Exploit on Avalanche","type":"news_article","credibility":1},{"url":"https://www.cryptotimes.io/platypus-finance-recovers-90-of-funds-lost-in-2-2m-hack/","name":"Crypto Times: Platypus Finance Recovers 90% of Funds Lost in $2.2M Hack","type":"news_article","credibility":2},{"url":"https://crypto.news/platypus-finance-suffers-its-third-hack-in-2023-losses-2m/","name":"Crypto.news: Platypus Finance Suffers Its Third Hack in 2023, Loses $2M","type":"news_article","credibility":2},{"url":"https://cryptodaily.co.uk/2023/10/platypus-finances-suffers-223m-loss-in-flash-loan-exploit","name":"Crypto Daily: Platypus Finance Suffers $2.23M Loss in Flash Loan Exploit","type":"news_article","credibility":2}],"severity":"critical"},{"content":"Platypus Finance's three exploits within a single year exposed recurring patterns in its security posture. The February 2023 attack exploited the emergencyWithdraw function's failure to re-check solvency post-withdrawal — a logic error in the MasterPlatypusV4 contract. The July 2023 attack exploited the protocol's hardcoded 1:1 USDC/USDT price assumption. The October 2023 attack exploited direct manipulation of cash and liability state variables controlling swap price calculations. In each case, the vulnerability involved novel mechanisms in Platypus's single-sided AMM design that standard AMM audits may not have covered. Security firms BlockSec, Immunefi, CertiK, Halborn, and Dedaub each published independent analyses. Post-mortems noted that audits had been conducted on Platypus contracts prior to each incident but had not covered the specific contracts or logic paths that were exploited. The pattern of repeated exploits after partial remediation raised questions about the completeness of the protocol's security response between incidents.","heading":"Systemic Security Failures and Audit Gaps","sources":[{"url":"https://immunefi.com/blog/industry-trends/platypus-finance-hack-analysis/","name":"Immunefi: Hack Analysis — Platypus Finance, February 2023","type":"research","credibility":2},{"url":"https://www.halborn.com/blog/post/explained-the-platypus-finance-hack-october-2023","name":"Halborn: Explained — The Platypus Finance Hack (October 2023)","type":"research","credibility":2},{"url":"https://dedaub.com/blog/platypus-finance-hack/","name":"Dedaub: Platypus Finance Hack Analysis","type":"research","credibility":2},{"url":"https://neptunemutual.com/blog/analysis-of-the-platypus-finance-exploit/","name":"Neptune Mutual: Analysis of the Platypus Finance Exploit","type":"research","credibility":2}],"severity":"critical"},{"content":"Following three exploits in 2023 and the acquittal of the February attackers in December 2023, Platypus Finance's TVL declined from a peak exceeding $1.2 billion (March 2022) to below $55,000 as of mid-2024. The PTP governance token's market capitalization also declined sharply from its January 2022 all-time high. The protocol reported cumulative lifetime trading volume of approximately $11.9 billion across its operational history but current trading activity is minimal. The compensation portal for February 2023 exploit victims was launched in March 2023 and committed to a minimum 63% reimbursement. The protocol resumed pool operations following security upgrades after each incident but has not recovered significant user deposits or trading volume. Investor Three Arrows Capital, which participated in the December 2021 seed round, itself collapsed in June 2022 prior to the exploits.","heading":"Protocol Decline and Current Status","sources":[{"url":"https://defillama.com/protocol/platypus-finance","name":"DeFiLlama: Platypus Finance TVL & Volume","type":"research","credibility":2},{"url":"https://www.coindesk.com/tech/2023/02/23/defi-protocol-platypus-to-repay-at-least-63-of-user-funds-after-9m-hack","name":"CoinDesk: DeFi Protocol Platypus to Repay at Least 63% of User Funds After $9M Hack","type":"news_article","credibility":1},{"url":"https://www.binance.com/en/feed/post/247967","name":"CoinSpeaker: DeFi Protocol Platypus Announces Major Compensation After $9M Hack","type":"news_article","credibility":2}],"severity":"medium"}],"timeline":[{"date":"2021-11-29","event":"Platypus Finance launches on Avalanche mainnet.","source":"CoinDesk / DeFiLlama","source_url":"https://defillama.com/protocol/platypus-finance"},{"date":"2021-12","event":"Platypus raises $3.3 million seed round at $24 million valuation; investors include Three Arrows Capital and Avalanche Labs.","source":"CryptoRank","source_url":"https://cryptorank.io/ico/platypus-finance","date_original":"2021-12-01"},{"date":"2022","event":"PTP token reaches all-time high of approximately $16.69.","source":"CryptoSlate / CoinPaprika","source_url":"https://cryptoslate.com/coins/platypus-finance/","date_original":"2022-01-01"},{"date":"2022-03","event":"Platypus Finance TVL peaks at over $1.2 billion.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2023/02/16/usp-stablecoin-loses-dollar-peg-as-defi-protocol-platypus-suffers-85m-attack","date_original":"2022-03-01"},{"date":"2023-02-16","event":"First exploit: attacker drains approximately $8.5–9.1 million via flash loan attack exploiting emergencyWithdraw logic flaw in MasterPlatypusV4. USP stablecoin depegs to ~$0.48. All pools paused.","source":"CoinDesk / CoinTelegraph","source_url":"https://www.coindesk.com/markets/2023/02/16/usp-stablecoin-loses-dollar-peg-as-defi-protocol-platypus-suffers-85m-attack"},{"date":"2023-02-17","event":"BlockSec recovers $2.4 million USDC by exploiting a flaw in the attacker's own contract. Tether freezes approximately $1.5 million USDT linked to the attack.","source":"BlockSec / CoinDesk","source_url":"https://blocksec.com/blog/5-platypus-finance-surviving-three-attacks-with-a-stroke-of-luck"},{"date":"2023-02-17","event":"ZachXBT publishes on-chain analysis linking attacker wallet to a Twitter account and a KYC-verified Binance account, identifying the alleged attackers.","source":"CyberSecurity Help / Benzinga","source_url":"https://www.cybersecurity-help.cz/blog/3152.html"},{"date":"2023-02-22","event":"French national police arrest two brothers aged 18 and 20 in the Ile-de-France region in connection with the February exploit.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2023/02/27/authorities-in-france-arrest-duo-involved-in-platypus-exploit"},{"date":"2023-02-23","event":"Platypus Finance announces compensation plan guaranteeing minimum 63% reimbursement for affected users, potentially rising to 78%.","source":"CoinDesk","source_url":"https://www.coindesk.com/tech/2023/02/23/defi-protocol-platypus-to-repay-at-least-63-of-user-funds-after-9m-hack"},{"date":"2023-03","event":"Platypus Finance launches compensation portal for users affected by the February exploit.","source":"DeFi Planet","source_url":"https://defi-planet.com/2023/03/platypus-finance-launches-compensation-platform-for-customers-after-suffering-9-1m-hack/","date_original":"2023-03-01"},{"date":"2023-07-12","event":"Second exploit: attacker exploits hardcoded 1:1 USDC/USDT price assumption, draining approximately $50,000–51,000. Pools again paused.","source":"Web3 Is Going Great / BlockSec","source_url":"https://www.web3isgoinggreat.com/single/platypus-finance-hack-2"},{"date":"2023-10-12","event":"Third exploit: three flash loan attacks manipulate cash/liability variables in sAVAX-AVAX pool, draining approximately $2.2 million in sAVAX and WAVAX.","source":"The Block / Halborn","source_url":"https://www.theblock.co/post/256074/platypus-finance-exploit-avalanche"},{"date":"2023-10-17","event":"Platypus Finance announces recovery of approximately 90% of October exploit funds following negotiations with attacker; net loss reduced to ~18,000 AVAX (~$167,400). Protocol declines to pursue legal action.","source":"Crypto Times","source_url":"https://www.cryptotimes.io/platypus-finance-recovers-90-of-funds-lost-in-2-2m-hack/"},{"date":"2023-12-04","event":"Paris court acquits both defendants (Mohammed M. and Benamar M.) on all criminal charges. Court rules that exploiting a public smart contract does not constitute unauthorized computer access or fraud under French law.","source":"CoinDesk / The Block","source_url":"https://www.coindesk.com/policy/2023/12/04/duo-behind-9m-platypus-exploit-acquitted-by-paris-court-report"}],"sources_used":[{"url":"https://www.coindesk.com/markets/2023/02/16/usp-stablecoin-loses-dollar-peg-as-defi-protocol-platypus-suffers-85m-attack","name":"CoinDesk: USP Stablecoin Loses Dollar Peg as DeFi Protocol Platypus Suffers $8.5M Attack","type":"news_article","archive_url":"http://web.archive.org/web/20260626190342/https://www.coindesk.com/markets/2023/02/16/usp-stablecoin-loses-dollar-peg-as-defi-protocol-platypus-suffers-85m-attack","credibility":1,"archive_timestamp":"2026-06-26T19:03:42+00:00"},{"url":"https://www.coindesk.com/policy/2023/12/04/duo-behind-9m-platypus-exploit-acquitted-by-paris-court-report","name":"CoinDesk: Duo Behind $9M Platypus Exploit Acquitted by Paris Court","type":"news_article","archive_url":"http://web.archive.org/web/20251130113851/https://www.coindesk.com/policy/2023/12/04/duo-behind-9m-platypus-exploit-acquitted-by-paris-court-report","credibility":1,"archive_timestamp":"2025-11-30T11:38:51+00:00"},{"url":"https://www.coindesk.com/business/2023/02/27/authorities-in-france-arrest-duo-involved-in-platypus-exploit","name":"CoinDesk: French Police Arrest Duo Involved in Platypus Exploit","type":"news_article","archive_url":"https://web.archive.org/web/20260725190726/https://www.coindesk.com/business/2023/02/27/authorities-in-france-arrest-duo-involved-in-platypus-exploit","credibility":1,"archive_timestamp":"2026-07-25T19:07:26+00:00"},{"url":"https://www.coindesk.com/tech/2023/02/23/defi-protocol-platypus-to-repay-at-least-63-of-user-funds-after-9m-hack","name":"CoinDesk: DeFi Protocol Platypus to Repay at Least 63% of User Funds After $9M Hack","type":"news_article","archive_url":"https://web.archive.org/web/20260725083911/https://www.coindesk.com/tech/2023/02/23/defi-protocol-platypus-to-repay-at-least-63-of-user-funds-after-9m-hack","credibility":1,"archive_timestamp":"2026-07-25T08:39:11+00:00"},{"url":"https://www.theblock.co/post/265797/platypus-finance-hackers-cleared-of-criminal-charges-le-monde","name":"The Block: Platypus Finance Hackers Cleared of Criminal Charges","type":"news_article","archive_url":"https://web.archive.org/web/20260724174335/https://www.theblock.co/post/265797/platypus-finance-hackers-cleared-of-criminal-charges-le-monde","credibility":1,"archive_timestamp":"2026-07-24T17:43:35+00:00"},{"url":"https://www.theblock.co/post/256074/platypus-finance-exploit-avalanche","name":"The Block: Platypus Finance Suffers More Than $2 Million Exploit on Avalanche","type":"news_article","archive_url":null,"credibility":1,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://immunefi.com/blog/industry-trends/platypus-finance-hack-analysis/","name":"Immunefi: Hack Analysis — Platypus Finance, February 2023","type":"research","archive_url":"http://web.archive.org/web/20260413143034/https://immunefi.com/blog/industry-trends/platypus-finance-hack-analysis/","credibility":2,"archive_timestamp":"2026-04-13T14:30:34+00:00"},{"url":"https://blocksec.com/blog/5-platypus-finance-surviving-three-attacks-with-a-stroke-of-luck","name":"BlockSec: Platypus Finance — Surviving Three Attacks with a Stroke of Luck","type":"research","archive_url":"http://web.archive.org/web/20260413195030/https://blocksec.com/blog/5-platypus-finance-surviving-three-attacks-with-a-stroke-of-luck","credibility":2,"archive_timestamp":"2026-04-13T19:50:30+00:00"},{"url":"https://www.halborn.com/blog/post/explained-the-platypus-finance-hack-october-2023","name":"Halborn: Explained — The Platypus Finance Hack (October 2023)","type":"research","archive_url":"http://web.archive.org/web/20260317035308/https://www.halborn.com/blog/post/explained-the-platypus-finance-hack-october-2023","credibility":2,"archive_timestamp":"2026-03-17T03:53:08+00:00"},{"url":"https://dedaub.com/blog/platypus-finance-hack/","name":"Dedaub: Platypus Finance Hack 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