Platypus Hackers Acquitted After Perpetuating $9 Million Exploit
Mohammed and Benamar M., two brothers who were accused of exploiting Platypus, an automated market maker (AMM) platform based on avalanches, have been acquitted of any criminal wrongdoing in a groundbreaking case for the French justice system. The presiding judge stated that the individuals had simply interacted with a smart contract that exceeded its intended functionality.
Exploit Details and Acquittal
Two individuals associated with the exploit of Platypus, a stablecoin-focused automated market-making (AMM) platform built on top of Avalanche, have been acquitted of criminal charges in France. The Paris Judicial Court dropped charges of unauthorized computer access, money laundering, and concealment against Mohammed and Benamar M., two brothers who managed to divert more than $9 million from Platypus' smart contract using an exploit technique.
In February, the two individuals, who were arrested, did not deny their involvement in the exploit. Mohammed, however, claimed that he had acted as a "white hat hacker" to assist the platform in identifying and resolving its vulnerabilities.
Mohammed admitted to exploiting 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, a practice that has become common in recent hacking incidents.
Unfortunately, Mohammed lost control of an address that now holds nearly $8.5 million, making the funds irretrievable. In a subsequent attempt, he managed to withdraw over $280,000 from the smart contract, which he then sent to a mixing service to obfuscate the source of the funds. Finally, he transferred $13,000 to his brother, Benamar.
The court dismissed the charge of unauthorized computer access, as Mohammed had only interacted with a smart contract that exceeded its intended functionality, according to the presiding judge. Charges of money laundering and concealment were also rejected as a result.
However, the judge rejected the defense's argument of ethical hacking, suggesting that the defendants may still face liability in a future civil lawsuit.
According to Le Monde, the judge stated:
"You still have a debt related to the exploit, and Platypus will likely pursue civil action against you. This decision is therefore not straightforward, as the charges do not hold up at the criminal level."
Platypus has experienced three exploits this year, resulting in a loss of over $11 million.
What are your thoughts on the verdict in the Platypus exploit case? Share your opinions in the comments section below.
Frequently Asked Questions
Can I keep a Gold ETF in a Roth IRA
This option may not be available in a 401(k), but you should look into other options such as an Individual Retirement account (IRA).
Traditional IRAs allow for contributions from both employees and employers. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
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A Individual Retirement Annuity (IRA), is also available. With an IRA, you make regular payments to yourself throughout your lifetime and receive income during retirement. Contributions made to IRAs are not taxable.
How Do You Make a Withdrawal from a Precious Metal IRA?
You first need to decide if you want to withdraw money from an IRA account. Next, ensure you have enough cash on hand to pay any penalties or fees that could be associated with withdrawing funds.
A taxable brokerage account is a better option than an IRA if you are prepared to pay a penalty for early withdrawals. This option is also available if you are willing to pay taxes on the amount you withdraw.
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What precious metal is best for investing?
Answering this question will depend on your willingness to take some risk and the return you seek. Although gold has been considered a safe investment, it is not always the most lucrative. Gold may not be right for you if you want quick profits. If patience and time are your priorities, silver is the best investment.
If you're not looking to make quick money, gold is probably your best choice. Silver may be a better option for investors who want long-term steady returns.
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Do You Need a Gold IRA to Get Retirement?
- What are the Options? Types, Spreads. Example. And Risk Metrics
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
Guidelines for Gold Roth IRA
Starting early is the best way to save for retirement. It is best to start saving for retirement as soon you can (typically at age 50). It is essential to save enough money each year in order to maintain a steady growth rate.
You can also take advantage of tax-free savings opportunities like a traditional 401k (k), SEP IRA (or SIMPLE IRA). These savings vehicles permit you to make contributions, but not pay any tax until your earnings are withdrawn. They are a great option for those who do not have access to employer matching money.
Save regularly and continue to save over time. If you aren't contributing the maximum amount permitted, you could miss out on tax benefits.
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
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