Platypus Hackers Acquitted After Perpetuating $9 Million Exploit
Mohammed and Benamar M., two brothers accused of exploiting Platypus, an avalanche-based automated market maker (AMM) platform, were acquitted of any criminal wrongdoing in a landmark case for French justice. The judge in charge stated that the individuals just interacted with a smart contract that provided more than expected.
Background on the Case
Two individuals linked to the exploit of Platypus, a stablecoin-focused automated market-making (AMM) platform built on top of Avalanche, have been acquitted of criminal wrongdoing in France. The Paris Judicial Court dropped charges of accessing a computer system, money laundering, and concealment for Mohammed and Benamar M., two brothers who managed to siphon over $9 million from Platypus' smart contract using an exploit.
The two individuals arrested in February never denied that they exploited the platform. Instead, Mohammed acknowledged the facts, arguing that he had acted as a "white hat hacker" to help the platform correct its bugs.
According to Mohammed, he exploited the emergency withdrawal function of Platypus' smart contract with the intention of returning the funds later and receiving a bonus of at least 10% of the amount involved. This approach has become common in recent hacking attempts.
However, Mohammed lost control of an address that now holds almost $8.5 million, which is now unrecoverable. In a subsequent attempt, he managed to withdraw over $280,000 from the smart contract, sending it to a mixing service to obscure the source of the funds, and finally transferring $13,000 to his brother, Benamar.
The Court's Ruling
The court dismissed the charge of accessing an automated data processing system, as Mohammed had only interacted with a smart contract that provided more than expected. The judge also rejected the money laundering and concealment charges.
However, the judge did not accept the defense's argument of ethical hacking and stated that the defendants might face liability in a subsequent civil complaint.
According to Le Monde, the judge stated:
"You still have a debt linked to the loan, and Platypus will probably pursue civil proceedings against you. This decision is therefore not simple, as the charges do not hold up on a criminal level."
Platypus' History of Exploits
Platypus has experienced three exploits this year, resulting in a loss of over $11 million. The platform has been targeted by hackers multiple times, highlighting the need for increased security measures.
What are your thoughts on the court's decision in the Platypus exploit case? Share your opinions in the comments section below.
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- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads and Example. Risk Metrics
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By: Sergio Goschenko
Title: Platypus Exploiters Acquitted of Wrongdoing in Landmark Case
Sourced From: news.bitcoin.com/platypus-exploiters-acquitted-of-wrongdoing-in-landmark-case/
Published Date: Mon, 04 Dec 2023 00:30:01 +0000