#PlatypusHack #Cryptocurrency #Cybercrime #WhiteHatHackers #AvalancheBlockchain #CryptoSecurity #BlockchainSecurity #DeFiHacks
In a landmark case that has far-reaching implications for the world of technology and law, two individuals accused of orchestrating a $8.5 million breach of Platypus Finance, an Automated Market Maker protocol running on the Avalanche blockchain, have been set free by a French court. Le Monde reports that the judge ruled in favor of the defendants based on the rationale that French criminal law does not expressly prohibit ‘hacks’ of such protocols. This judgment has stirred considerable debate, considering the very clear criminal intent involved in these acts and the consequent complications it brings to lawsuits relating to crypto breaches.
The suspects, two brothers – Mohammed and Benamar M., were apprehended a week following the cyberattack on the financial platform. The court ruled that their use of smart contracts, which was both unauthorized and accessible publicly, did not constitute an illicit breach of computer systems under any criminal statutes. Further, it was determined that exploiting Platypus’s faulty emergency withdrawal procedure to extract tokens did not meet the legal criteria for fraud. Adding an unconventional twist to the proceedings, the brothers admitted to their actions in court professing themselves as ‘ethical hackers’. They contended their actions were initiated with the intent to return the stolen funds to Platypus in return for a 10% reward, labeling it a form of white-hat work.
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