Blockchain News

Platypus Hackers Walk Free as Paris Court Dismisses Charges After $8.5M Heist

Platypus hackers had drained $8.5 million from Platypus in February through a flash loan attack, prompting the protocol to suspend trading services.

The criminal court in Paris has dismissed charges against the notorious Platypus hackers, Mohammed M and Benamar M, who orchestrated the $8.5 million exploit last February. 

The dismissal comes as a result of the court's interpretation that "French criminal law does not technically forbid hacks of protocol." In spite of the obvious cybercrime, the hackers were released, adding another layer of complexity to cryptocurrency exploit litigation.

The Platypus Hack

On February 16, the Platypus protocol fell victim to a flash loan attack orchestrated by the hackers, leading to a staggering loss of $8.5 million. The attackers exploited a code error, prompting Platypus to halt trading services temporarily until a resolution could be reached. 

During an October 26 court hearing, the brothers, Mohammed and Benamar, presented themselves as "ethical hackers" while openly admitting their involvement in the heist. 

Their claim rested on the intention to return the funds to Platypus in exchange for a 10% bounty. Mohammed expressed a desire to recover the funds and return them later, expecting compensation from the platform.

Platypus's Troubled History

Platypus, a decentralized finance (DeFi) protocol, has faced recurrent hacking incidents. In October, the platform suffered another flash loan exploit, resulting in losses exceeding $2 million. CertiK's investigation revealed a series of attacks draining various amounts in different cryptocurrencies.

However, Platypus managed to recover 90% of the stolen funds in October following an understanding reached with the hacker. 

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