France Arrests Two Suspected of Hacking Platypus Finance
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French police arrested two individuals allegedly involved in hacking of Platypus Finance, the AVAX-native swap platform for stablecoins.

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In a tweet post, France's police department said it ended a "major scam," which ripped off over $9 million worth of crypto from American cryptocurrency platform. Platypus confirmed the arrest and thanked Binance and @zachxbt for identification of the attacker.

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In mid-February, Platypus suffered a hacker attack, resulting in a loss of more than $9 million. The hacker reportedly exploited a "flash loan" and a logical error in the creditworthiness check mechanism in the collateral contract.

During the attack' Platypus' native stablecoin USP de-pegged from US dollar and lost over 50% of its price following the attack. As of press time, USP is trading at $0.23, according to data from CoinMarketCap.

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