Platypus Finance Hacking Suspects Arrested By French Police: Here's How They Were Identified

Decentralized finance protocol Platypus Finance PTP/USD, which runs on Avalanche AVAX/USD, has confirmed that two individuals suspected of hacking their system have been arrested by the French National Police.

The suspects were traced with the help of a "KYC-verified Binance account" used to cash out the stolen funds.

The company stated that they provided French law enforcement authorities with information to track down the alleged hackers with the assistance of an "on-chain analyst" and the popular crypto exchange, Binance.

Platypus stated that blockchain security firm "BlockSec" played a vital role in the recovery of stolen assets.

The firm managed to identify and access "$2.4 million in USDC USDC/USD stablecoin" deposited in the attacker's contract by finding a loophole and retrieving the stolen assets.

Also read: IMF Calls For Coordinated Action To Address Risks Posed By Crypto Assets

Another "$1.5 million in stolen USDT USDT/USD" was also frozen with the support of the issuer.

To prevent future security breaches, Platypus Finance has promised to take extra measures.

The company stated that it is "committed to enhancing its security measures" to ensure that such incidents do not occur again.

Last week, Platypus suffered major exploitation resulting in a loss of $9.1 million from three separate attacks and the decentralized-finance (DeFi) protocol announced a minimum of 63% of the funds would be distributed to users, regardless of any further update on fund recovery.

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