BlockSec Recovers Millions from Hackers Through Blockchain Security

02/18/2023 22:08 • Metaverse Matters • 123 views

It is reported that after the stable currency trading project Platypus was attacked by hackers, with the help of blockchain security company BlockSec, at least US $2.4 million has been recovered. MetalSleuth, a visualization tool of Blocksec, said that of the nearly $9.1 million stolen from Platypus, attackers could only cash in $270000. BlockSec took advantage of the vulnerability in the attack contract and used the callback function to transfer funds from the attack contract to the Platypus account. Currently, it has recovered $2.4 million. According to the previous news, Platypus suffered a flash loan attack and lost about $9 million. Most of the stolen funds remained in the attacker’s contract address, and some funds were sent to the EOA and AAVE pools. After decompiling the attack contract, it was found that the attacker did not implement the cash withdrawal function in the contract, resulting in that the attack proceeds could not be extracted, and $8.5 million was frozen in the attack contract.

Security company BlockSec helped Platypus recover $2.4 million of stolen funds

Analysis based on this information:

Platypus, a stable currency trading project, was recently attacked by hackers resulting in a loss of $9.1 million. However, with the assistance of blockchain security company BlockSec, at least $2.4 million has been successfully recovered. The recovery was made possible by the use of a visualization tool called MetalSleuth, which helped in identifying the vulnerability in the attack contract.

BlockSec apparently took advantage of this vulnerability, using the callback function to transfer funds from the attack contract to the Platypus account. As a result, they were able to recover a significant portion of the stolen funds. The attackers were only able to cash in an amount of $270000, emphasizing the effectiveness of the MetalSleuth tool in identifying and mitigating attacks.

Following the attack, most of the stolen funds were traced back to the attacker’s contract address, while some were deposited in EOA and AAVE pools. Further analysis revealed that the attacker had failed to implement the cash withdrawal function in the contract, making it impossible to extract the attack proceeds. This resulted in the loss of $8.5 million, which was frozen in the attack contract.

BlockSec’s successful recovery highlights the importance of blockchain security in mitigating damages caused by cyberattacks. As the adoption of blockchain technology continues to grow, the need for robust security measures is more apparent now than ever. Blockchain security companies like BlockSec play a pivotal role in safeguarding digital assets and preventing attacks.

In conclusion, by recovering $2.4 million out of $9.1 million, BlockSec has demonstrated its effectiveness in combating cyber attacks through the use of visualization tools and blockchain security. The recovery of stolen funds speaks to the importance of security measures in blockchain technologies, signaling the need for continued efforts towards further strengthening blockchain security to prevent future attacks.

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BlockSec Recovers Millions from Hackers Through Blockchain Security

Security company BlockSec helped Platypus recover $2.4 million of stolen funds

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