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Two Arrested in Connection to DeFi Hack

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It is reported that according to a tweet from the French police department, two people suspected of supporting the DeFi agreement Platypus have been arrested. …

Two Arrested in Connection to DeFi Hack

It is reported that according to a tweet from the French police department, two people suspected of supporting the DeFi agreement Platypus have been arrested. Among the $9 million stolen assets, Platypus said that it had recovered $2.4 million and $687000 of BUSD, and cooperated with Tether to freeze $1.5 million of USDT. As part of the arrest, the French police seized cryptocurrency worth about $220000. USDC, USDT and BUSD are stable currencies designed to reflect the price of legal tender such as US dollar.

French police arrested two people suspected of supporting the DeFi agreement Platypus

Interpretation of the news:


The DeFi industry, with its decentralized nature, has been susceptible to hacks and cyber attacks. The latest one was reported by French police, who arrested two people suspected of supporting the DeFi agreement platform Platypus. According to sources, the two accused were involved in a $9 million theft from the platform.

The DeFi industry has been a recent phenomenon in the cryptocurrency world, allowing decentralized exchanges to operate on the blockchain network. With the industry rapidly growing, the risks of hacks and cyber attacks have also increased. Platforms implementing security measures have been a priority to prevent these potential attacks. However, it seems even the most secure platforms can fall victim to these threats.

The arrest of these two individuals could potentially send a message to cyber attackers that authorities worldwide will not tolerate such actions. Moreover, the cooperation between the law enforcement authorities and platforms like Platypus, Tether, and others could help track and recover these stolen assets. It also emphasizes on how the cryptocurrency market is shifting from a “Wild West” mentality towards a more regulated and secure industry.

The message also reveals some details about the recovery process. Platypus has recovered a considerable amount of the stolen assets, with $2.4 million and $687000 of BUSD being returned to the platform. The platform has also collaborated with Tether to freeze $1.5 million of USDT. Furthermore, the French police also seized crypto worth $220000, which could possibly be the funds stolen from the platform.

In conclusion, the DeFi industry is gaining traction worldwide, especially since the pandemic, making it essential to take measures that will ensure the security of such platforms. The arrests made by French police are a right step in the direction of ensuring that cyber attackers will not get away with such crimes. While this case has seen some recovery, the industry needs to continue to collaborate and innovate to stay ahead of potential attacks and thwarts.

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