Platypus Finance provides recovery estimates after flash loan attack

The recently-hacked DeFi platform is preparing to return funds to users.

Cover art/illustration via CryptoSlate

Platypus Finance has launched a portal that will allow users to see how much compensation they are owed, according to a post from the project on Feb. 28.

The DeFi platform was originally attacked on Feb. 16 when attackers used flash loans on the Avalanche blockchain to exploit the project for $9 million.

The project said that user claims should begin in March.

Platypus managed to directly recover $2.4 million of stolen funds in the days following the attack. The company previously said that it plans to return 63% of stolen funds to users.

The firm also said that it might be able to recover as much as 78% of user funds if external efforts succeed. Specifically, the project plans to have Aave restore erroneously transferred assets and have Tether remint USDT that were frozen post-attack. Today’s announcement did not make reference to those efforts, which appear to be ongoing.

French police have also arrested two suspects in connection to the attack, according to a tweet from law enforcement on Feb. 24. The police additionally seized 210,000 euros ($222,100) of cryptocurrency in connection with the attack.