Hack history / 2023 / Hack or exploit
Platypus Finance
Hack or exploit on Jul 11, 2023 · Withdrawal Logic Flaw
ATTACK TX CONFIRMED ON CHAININ REVIEWSOURCES DISAGREE ON DATE OR LOSS · 4 SOURCES
Lost
$50K
sources: $50K to $157K
Returned
none listed
as the sources state it
Rank
#1,919
among thefts by dollars lost
What happened
Platypus's liquidity conversion logic for LP-USDC assumed a 1:1 ratio between USDC and USDC.e, ignoring market price discrepancies. When exchanging USDC for USDC.e, the calculation produced unreasonably large quantities, allowing arbitrageurs to extract value.
In review: sources disagree on the loss.
Details
- Date
- Jul 11, 2023
- Kind
- Hack or exploit
- Method
- Withdrawal Logic Flaw
- How in
- Smart contract bug
- Target
- DeFi protocol
- Chains
- Avalanche, Polygon
Related incidents
Platypus Finance 2023 · Hack or exploit · $2.1M
Platypus Finance 2023 · Hack or exploit · $8.5M
TheNFTV2 2023 · Hack or exploit · $19K
Platypus Finance 2023 · Hack or exploit · $8.5M
TheNFTV2 2023 · Hack or exploit · $19K
Cite this page
SwanBluechip, "Platypus Finance hack, Jul 11, 2023: $50K lost", Crypto hack history, https://swan-hack-tracker.pages.dev/history/i/ht556eba254a/ (data as of 2026-10-31).