Recently, protocols on the AVAX network continue to make headlines as they are frequently targeted by attacks. Another one has been added to the list, as the DeFi protocol operating on the Avalanche network, Platypus Finance, suffered an estimated $2 million security breach in the early hours.
$2 Million in Damages
Following the incident, all liquidity pools of the project were temporarily halted. According to estimates by security researchers PeckShield, the damage resulting from the attack on the Platypus Finance protocol is believed to be over $2 million.
All Liquidity Pools of the Project Halted
While there hasn’t been an official statement regarding the details of the attack, it is believed to have targeted the AVAX-sAVAX liquidity pool and resulted from a sudden flash loan attack. Platypus Finance announced the temporary suspension of all liquidity pools to safeguard user funds in response to the detection of suspicious activities within the protocol.
Finally, the Platypus team stated that they will provide an official statement to the community as more details emerge.
