Platypus Finance

Flash Loan Attack on Platypus Finance Results in an $8.5 Million Loss

February 16, 2023
Attack Types: 
Smart Contract Exploit ,Flash Loan Attack
Entity Types: 
DeFi ,Stablecoin
Target Entities: 
Platypus Finance

Summary # On February 16, 2023, Platypus Finance, the project behind the USP stablecoin, fell victim to a flash loan attack. This resulted in an estimated loss of $8.5 million. The exploit led to a significant drop in the price of the $USP stablecoin, devaluing it by more than 66% from its intended $1 peg. The attack was carried out by minting an excessive number of USP tokens from the MasterPlatypusV4 contract and using an inflated amount of Platypus LP-USDC tokens as collateral. ...