On-Chain Sleuth Identifies $8 Million Platypus Hacker Within Hours
- On-chain sleuth ZachXBT has apparently identified the attacker behind the exploit on Platypus.
- The attacker exploited the Platypus USD stablecoin to the tune of $8 million.
- ZachXBT and Platypus have contacted the alleged attacker to negotiate a bounty.
Popular on-chain sleuth ZachXBT has reportedly uncovered the identity of the attacker responsible for the recent exploit on Platypus Finance’s dollar-pegged stablecoin. According to a Twitter thread by the on-chain detective, the exploiter, who goes by retlqw on Twitter, has a history of tweeting suspicious content suggestive of hacking and exploiting crypto projects.
Platypus Finance’s new stablecoin, Platypus USD (USP), was hacked earlier today. The attacker took advantage of a vulnerability in the stablecoin’s solvency check mechanism to execute a flash loan exploit on the contract holding the collateral. When the dust settled, retlqw had made away with nearly $8.5 million worth of crypto assets.
Data from Snowtrace shows that the exploiter’s wallet currently holds more than 4.3 million USDC and over 2.7 USDT, among other crypto assets. T…
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