French Court Allows Brothers to Go Unpunished
A French court has allowed two brothers who stole $8.5 million from decentralized finance (DeFi) protocol Platypus to walk free without facing any consequences. The hackers drained the funds on Feb. 16 using a flash loan attack, prompting the protocol to suspend trading services. After investigations, the culprits, identified as Mohammed M. and his brother Benamar M., were discovered with the help of Binance’s security team and independent crypto investigators.
'Ethical Hackers' Claim and Offer to Return Stolen Funds
During an Oct. 26 court hearing, Mohammed and Benamar claimed to be "ethical hackers" while admitting to stealing and siphoning the funds. They also expressed their intention to return the money in exchange for 10% of the loot, similar to a bug bounty attempt. The brothers were subsequently cleared of all criminal charges.
Platypus Suffers Additional Loss in Flash Loan Exploit
Amid legal proceedings, Platypus recently experienced another flash loan exploit, resulting in a loss of $2.2 million. Blockchain security firm CertiK's investigation revealed that the hack occurred in three parts on Oct. 12, draining various cryptocurrencies worth $2.23 million, $575,000, and $450,000, respectively.
Majority of Stolen Funds Recovered
Fortunately, Platypus managed to recover 90% of the stolen funds on Oct. 17 following an agreement with the hacker.
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