Audit log

Every state-changing event for Platypus Finance: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-28 16:12:58Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 422,754,280

   sig

   3EfQTt52kJ9i…NDRbhXc3copyexplorer ↗

   hash

   4GeaFkvcudkB…bU94VLgvcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (17683 B) ▸

   {"actor":"system:backfill","investigation_id":"26ccbf94-f508-49e9-9bb5-6f7863aab154","kind":"publish","page_slug":"platypus-finance","published_at":"2026-05-28T16:12:58.385Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Platypus Finance","sections":[{"content":"","heading":"Protocol Overview","severity":"low","sources":[{"credibility":1,"name":"CoinDesk: USP Stablecoin Loses Dollar Peg as DeFi Protocol Platypus Suffers $8.5M Attack","type":"news_article","url":"https://www.coindesk.com/markets/2023/02/16/usp-stablecoin-loses-dollar-peg-as-defi-protocol-platypus-suffers-85m-attack"},{"credibility":2,"name":"DeFiLlama: Platypus Finance TVL & Volume","type":"research","url":"https://defillama.com/protocol/platypus-finance"},{"credibility":2,"name":"CryptoRank: Platypus Finance PTP IDO Token Sale Review","type":"research","url":"https://cryptorank.io/ico/platypus-finance"}]},{"content":"","heading":"February 2023 Flash Loan Exploit ($8.5–9.1 Million)","severity":"critical","sources":[{"credibility":1,"name":"CoinDesk: USP Stablecoin Loses Dollar Peg as DeFi Protocol Platypus Suffers $8.5M Attack","type":"news_article","url":"https://www.coindesk.com/markets/2023/02/16/usp-stablecoin-loses-dollar-peg-as-defi-protocol-platypus-suffers-85m-attack"},{"credibility":2,"name":"Immunefi: Hack Analysis — Platypus Finance, February 2023","type":"research","url":"https://immunefi.com/blog/industry-trends/platypus-finance-hack-analysis/"},{"credibility":2,"name":"BlockSec: Platypus Finance — Surviving Three Attacks with a Stroke of Luck","type":"research","url":"https://blocksec.com/blog/5-platypus-finance-surviving-three-attacks-with-a-stroke-of-luck"},{"credibility":2,"name":"CoinTelegraph: DeFi Protocol Platypus Suffers $8.5M Flash Loan Attack","type":"news_article","url":"https://cointelegraph.com/news/platypus-defi-faces-flash-loan-attack-according-to-certik"},{"credibility":1,"name":"CoinDesk: DeFi Protocol Platypus to Repay at Least 63% of User Funds After $9M Hack","type":"news_article","url":"https://www.coindesk.com/tech/2023/02/23/defi-protocol-platypus-to-repay-at-least-63-of-user-funds-after-9m-hack"},{"credibility":2,"name":"Numen Cyber: Platypus Finance Project Hit by $8.5M Flash Loan Attack","type":"research","url":"https://www.numencyber.com/platypus-finance-project-hit-by-8-5m-flash-loan-attack/"},{"credibility":2,"name":"BeInCrypto: Platypus Protocol Loses $8.5M in Flash Loan Attack","type":"news_article","url":"https://beincrypto.com/platypus-loses-8-5m-flash-loan-attack/"}]},{"content":"","heading":"Arrest and Acquittal of Alleged Attackers","severity":"high","sources":[{"credibility":1,"name":"CoinDesk: Duo Behind $9M Platypus Exploit Acquitted by Paris Court","type":"news_article","url":"https://www.coindesk.com/policy/2023/12/04/duo-behind-9m-platypus-exploit-acquitted-by-paris-court-report"},{"credibility":1,"name":"The Block: Platypus Finance hackers cleared of criminal charges (Le Monde)","type":"news_article","url":"https://www.theblock.co/post/265797/platypus-finance-hackers-cleared-of-criminal-charges-le-monde"},{"credibility":1,"name":"CoinDesk: French Police Arrest Duo Involved in Platypus Exploit","type":"news_article","url":"https://www.coindesk.com/business/2023/02/27/authorities-in-france-arrest-duo-involved-in-platypus-exploit"},{"credibility":2,"name":"CoinGeek: Suspects in $9M DeFi Platform Platypus Attack Arrested in France","type":"news_article","url":"https://coingeek.com/suspects-in-9m-defi-platform-platypus-attack-arrested-in-france/"},{"credibility":2,"name":"Crypto Daily: Platypus Finance Hackers Acquitted By French Court","type":"news_article","url":"https://cryptodaily.co.uk/2023/12/platypus-finance-hackers-acquitted-by-french-court"},{"credibility":2,"name":"Bitcoinist: Platypus Finance Hackers Acquitted — Ethical Hacker Defense Prevails","type":"news_article","url":"https://bitcoinist.com/platypus-finance-hackers-acquitted/"},{"credibility":2,"name":"Benzinga: Platypus Finance Hacking Suspects Arrested By French Police — How They Were Identified","type":"news_article","url":"https://www.benzinga.com/markets/cryptocurrency/23/02/31070188/platypus-finance-hacking-suspects-arrested-by-french-police-heres-how-they-were-identified"}]},{"content":"","heading":"ZachXBT's Role in Identifying Attackers","severity":"low","sources":[{"credibility":2,"name":"CyberSecurity Help: French police arrest two suspects behind Platypus Finance hack","type":"news_article","url":"https://www.cybersecurity-help.cz/blog/3152.html"},{"credibility":2,"name":"Benzinga: Platypus Finance Hacking Suspects Arrested — How They Were Identified","type":"news_article","url":"https://www.benzinga.com/markets/cryptocurrency/23/02/31070188/platypus-finance-hacking-suspects-arrested-by-french-police-heres-how-they-were-identified"}]},{"content":"","heading":"July 2023 Second Exploit (~$50,000)","severity":"high","sources":[{"credibility":2,"name":"Web3 Is Going Great: Platypus Finance Hacked for the Second Time","type":"news_article","url":"https://www.web3isgoinggreat.com/single/platypus-finance-hack-2"},{"credibility":2,"name":"BlockSec: Platypus Finance — Surviving Three Attacks with a Stroke of Luck","type":"research","url":"https://blocksec.com/blog/5-platypus-finance-surviving-three-attacks-with-a-stroke-of-luck"},{"credibility":2,"name":"DL News: How the Third Hack of the Year Walloped Platypus Finance Investors for $1.6M","type":"news_article","url":"https://www.dlnews.com/articles/defi/avalanche-amm-platypus-finance-hit-by-third-hack-this-year/"}]},{"content":"","heading":"October 2023 Third Exploit (~$2.2 Million)","severity":"critical","sources":[{"credibility":2,"name":"Halborn: Explained — The Platypus Finance Hack (October 2023)","type":"research","url":"https://www.halborn.com/blog/post/explained-the-platypus-finance-hack-october-2023"},{"credibility":1,"name":"The Block: Platypus Finance Suffers More Than $2 Million Exploit on Avalanche","type":"news_article","url":"https://www.theblock.co/post/256074/platypus-finance-exploit-avalanche"},{"credibility":2,"name":"Crypto Times: Platypus Finance Recovers 90% of Funds Lost in $2.2M Hack","type":"news_article","url":"https://www.cryptotimes.io/platypus-finance-recovers-90-of-funds-lost-in-2-2m-hack/"},{"credibility":2,"name":"Crypto.news: Platypus Finance Suffers Its Third Hack in 2023, Loses $2M","type":"news_article","url":"https://crypto.news/platypus-finance-suffers-its-third-hack-in-2023-losses-2m/"},{"credibility":2,"name":"Crypto Daily: Platypus Finance Suffers $2.23M Loss in Flash Loan Exploit","type":"news_article","url":"https://cryptodaily.co.uk/2023/10/platypus-finances-suffers-223m-loss-in-flash-loan-exploit"}]},{"content":"","heading":"Systemic Security Failures and Audit Gaps","severity":"critical","sources":[{"credibility":2,"name":"Immunefi: Hack Analysis — Platypus Finance, February 2023","type":"research","url":"https://immunefi.com/blog/industry-trends/platypus-finance-hack-analysis/"},{"credibility":2,"name":"Halborn: Explained — The Platypus Finance Hack (October 2023)","type":"research","url":"https://www.halborn.com/blog/post/explained-the-platypus-finance-hack-october-2023"},{"credibility":2,"name":"Dedaub: Platypus Finance Hack Analysis","type":"research","url":"https://dedaub.com/blog/platypus-finance-hack/"},{"credibility":2,"name":"Neptune Mutual: Analysis of the Platypus Finance Exploit","type":"research","url":"https://neptunemutual.com/blog/analysis-of-the-platypus-finance-exploit/"}]},{"content":"","heading":"Protocol Decline and Current Status","severity":"medium","sources":[{"credibility":2,"name":"DeFiLlama: Platypus Finance TVL & Volume","type":"research","url":"https://defillama.com/protocol/platypus-finance"},{"credibility":1,"name":"CoinDesk: DeFi Protocol Platypus to Repay at Least 63% of User Funds After $9M Hack","type":"news_article","url":"https://www.coindesk.com/tech/2023/02/23/defi-protocol-platypus-to-repay-at-least-63-of-user-funds-after-9m-hack"},{"credibility":2,"name":"CoinSpeaker: DeFi Protocol Platypus Announces Major Compensation After $9M Hack","type":"news_article","url":"https://www.binance.com/en/feed/post/247967"}]}],"sources_used":[{"credibility":1,"name":"CoinDesk: USP Stablecoin Loses Dollar Peg as DeFi Protocol Platypus Suffers $8.5M Attack","type":"news_article","url":"https://www.coindesk.com/markets/2023/02/16/usp-stablecoin-loses-dollar-peg-as-defi-protocol-platypus-suffers-85m-attack"},{"credibility":1,"name":"CoinDesk: Duo Behind $9M Platypus Exploit Acquitted by Paris Court","type":"news_article","url":"https://www.coindesk.com/policy/2023/12/04/duo-behind-9m-platypus-exploit-acquitted-by-paris-court-report"},{"credibility":1,"name":"CoinDesk: French Police Arrest Duo Involved in Platypus Exploit","type":"news_article","url":"https://www.coindesk.com/business/2023/02/27/authorities-in-france-arrest-duo-involved-in-platypus-exploit"},{"credibility":1,"name":"CoinDesk: DeFi Protocol Platypus to Repay at Least 63% of User Funds After $9M Hack","type":"news_article","url":"https://www.coindesk.com/tech/2023/02/23/defi-protocol-platypus-to-repay-at-least-63-of-user-funds-after-9m-hack"},{"credibility":1,"name":"The Block: Platypus Finance Hackers Cleared of Criminal Charges","type":"news_article","url":"https://www.theblock.co/post/265797/platypus-finance-hackers-cleared-of-criminal-charges-le-monde"},{"credibility":1,"name":"The Block: Platypus Finance Suffers More Than $2 Million Exploit on Avalanche","type":"news_article","url":"https://www.theblock.co/post/256074/platypus-finance-exploit-avalanche"},{"credibility":2,"name":"Immunefi: Hack Analysis — Platypus Finance, February 2023","type":"research","url":"https://immunefi.com/blog/industry-trends/platypus-finance-hack-analysis/"},{"credibility":2,"name":"BlockSec: Platypus Finance — Surviving Three Attacks with a Stroke of Luck","type":"research","url":"https://blocksec.com/blog/5-platypus-finance-surviving-three-attacks-with-a-stroke-of-luck"},{"credibility":2,"name":"Halborn: Explained — The Platypus Finance Hack (October 2023)","type":"research","url":"https://www.halborn.com/blog/post/explained-the-platypus-finance-hack-october-2023"},{"credibility":2,"name":"Dedaub: Platypus Finance Hack Analysis","type":"research","url":"https://dedaub.com/blog/platypus-finance-hack/"},{"credibility":2,"name":"Neptune Mutual: Analysis of the Platypus Finance Exploit","type":"research","url":"https://neptunemutual.com/blog/analysis-of-the-platypus-finance-exploit/"},{"credibility":2,"name":"CoinTelegraph: DeFi Protocol Platypus Suffers $8.5M Flash Loan Attack","type":"news_article","url":"https://cointelegraph.com/news/platypus-defi-faces-flash-loan-attack-according-to-certik"},{"credibility":2,"name":"DL News: How Third Hack of the Year Walloped Platypus Finance Investors for $1.6M","type":"news_article","url":"https://www.dlnews.com/articles/defi/avalanche-amm-platypus-finance-hit-by-third-hack-this-year/"},{"credibility":2,"name":"CyberSecurity Help: French Police Arrest Two Suspects Behind Platypus Finance Hack","type":"news_article","url":"https://www.cybersecurity-help.cz/blog/3152.html"},{"credibility":2,"name":"Benzinga: Platypus Finance Hacking Suspects Arrested — How They Were Identified","type":"news_article","url":"https://www.benzinga.com/markets/cryptocurrency/23/02/31070188/platypus-finance-hacking-suspects-arrested-by-french-police-heres-how-they-were-identified"},{"credibility":2,"name":"CoinGeek: Suspects in $9M DeFi Platform Platypus Attack Arrested in France","type":"news_article","url":"https://coingeek.com/suspects-in-9m-defi-platform-platypus-attack-arrested-in-france/"},{"credibility":2,"name":"Crypto Daily: Platypus Finance Hackers Acquitted By French Court","type":"news_article","url":"https://cryptodaily.co.uk/2023/12/platypus-finance-hackers-acquitted-by-french-court"},{"credibility":2,"name":"Crypto Times: Platypus Finance Recovers 90% of Funds Lost in $2.2M Hack","type":"news_article","url":"https://www.cryptotimes.io/platypus-finance-recovers-90-of-funds-lost-in-2-2m-hack/"},{"credibility":2,"name":"Web3 Is Going Great: Platypus Finance Hacked for the Second Time","type":"news_article","url":"https://www.web3isgoinggreat.com/single/platypus-finance-hack-2"},{"credibility":2,"name":"DeFiLlama: Platypus Finance TVL & Volume","type":"research","url":"https://defillama.com/protocol/platypus-finance"},{"credibility":2,"name":"BeInCrypto: Platypus Protocol Loses $8.5M in Flash Loan Attack","type":"news_article","url":"https://beincrypto.com/platypus-loses-8-5m-flash-loan-attack/"},{"credibility":2,"name":"Numen Cyber: Platypus Finance Project Hit by $8.5M Flash Loan Attack","type":"research","url":"https://www.numencyber.com/platypus-finance-project-hit-by-8-5m-flash-loan-attack/"}],"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.","timeline":[{"date":"2021-11-29","event":"Platypus Finance launches on Avalanche mainnet.","source":"CoinDesk / DeFiLlama","source_url":"https://defillama.com/protocol/platypus-finance"},{"date":"2021-12-01","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":"2022-01-01","event":"PTP token reaches all-time high of approximately $16.69.","source":"CryptoSlate / CoinPaprika","source_url":"https://cryptoslate.com/coins/platypus-finance/"},{"date":"2022-03-01","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":"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":"2023-03-01","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":"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"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 14d41eaa-48d6-4e67-9111-736dcfc34a14copy