TechFlow reports that Platypus has notified its community of a hack affecting its native stablecoin USP. The team is developing a comprehensive recovery plan and will provide timely updates to the community.
The attacker exploited a logic flaw in the solvency check mechanism of a contract holding collateral, using a flash loan. The main pool suffered a loss of $8.5 million. Currently, deposits can cover up to 35% of user deposits. Funds in other pools remain unaffected. Platypus has contacted the hacker to negotiate a bounty for returning the funds. Meanwhile, Tether has frozen the stolen USDT, and the team has reached out to Circle and BUSD to freeze the associated funds. Original link
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