- The price of AVAX has risen since the acquittal of the Platypus hackers.
- Despite this, sentiment around the token declined.
A French court recently acquitted two hackers involved in the Platypus stablecoin project on Avalanche [AVAX]. This came after a flash loan attack in February, which caused an $8.5 million loss for the Platypus stablecoin, USP.
The state of AVAX
AVAX has witnessed a 3.8% increase in the last 24 hours and was trading at $22.88 at the time of writing. The price had shown multiple higher highs and lower lows, showing no signs of slowing down.
The RSI for AVAX was also high, showing that there was bullish momentum behind this rise.
But despite these developments, weighted sentiment around Avalanche has fallen in recent days. This meant that many people on the social front were critical of AVAX, probably due to the recent acquittal.
If the weighted sentiment continues, it could impact AVAX’s price in the long run.
In addition, development activity on Avalanche also fell sharply. This could impact the pace of new developments on the network, which could impact Avalanche’s ability to attract users to the protocol.
Source: Santiment
Platypus attackers are caught
The Platypus hack took place on February 16, 2023, when Mohammed M. manipulated a coding error and withdrew 8.3 million euros from the Platypus crypto pool without permission.
Such security breaches are common in the decentralized finance world, where blockchain automates crypto transactions. However, flaws in ‘smart contracts’ can be exploited for theft, as seen in this case.
Binances [BNB] tip led to an investigation by the Central Bureau for the Fight against Crime in connection with Information and Communication Technologies.
The two brothers, Mohammed and Benamar M., were arrested in Aubervilliers on February 24.
Mohammed M. was charged with unauthorized access, fraud and money laundering. His brother was accused of receiving stolen property.
Read Avalanche of [AVAX] Price prediction 2023-24
During Mohammed M.’s hearing on October 26, he presented an intriguing defense. Although he did not dispute the facts, he portrayed himself as an “ethical hacker” intent on recovering money for later restitution.
He expected a “bonus” of about 10% of the company, which would complicate the matter as he claimed noble intentions despite the legal consequences.