Two brothers, responsible for the theft of $8.5 million from decentralized finance (DeFi) protocol Platypus, were allowed to walk free with no repercussions by a French court.
On Feb. 16, hackers managed to drain and move $8.5 million from Platypus through a flash loan attack, forcing the protocol to suspend trading services until a resolution was found. Initial investigations identified Mohammed M. as the culprit, who took advantage of a code error and withdrew all assets through an uncollateralized loan.
With the help of Binance’s security team and independent crypto investigators, the stolen funds were tracked, eventually leading to the hackers — Mohammed and his brother Benamar M.
While the duo were held indefinitely in custody from Feb. 24, on an Oct. 26 court hearing, the brothers claimed to be “ethical hackers” while admitting to stealing and siphoning the funds. The hackers also told the Paris judicial court about their intent to return the funds in exchange for 10% of the loot.
Considering the similarity to a bug bounty attempt, the brothers were cleared of all criminal charges. During the exploit, 7.8 million euros worth of crypto tokens became inaccessible after getting stuck in a wallet.
Due to suspicious activities in our protocol, we have taken the proactive measure of temporarily suspending all pools. Further updates will be communicated to the community in a timely manner. Thank you for your patience and understanding during this time.
Blockchain security firm CertiK’s investigation revealed that the Oct. 12 hack was carried out in three parts, with each attack draining $2.23 million, $575,000 and $450,000, respectively, in various cryptocurrencies.
On Oct. 17, Platypus managed to recover 90% of the stolen following an understanding with the hacker.
US banking groups have urged Congress to close a so-called loophole letting stablecoin issuers offer yields through affiliate firms, fearing it undermines the banking system.
US and international law enforcement agencies have taken down servers and websites linked to the BlackSuit ransomware group and seized $1 million in crypto.
It says human rights in the UK “worsened” in 2024, with “credible reports of serious restrictions on freedom of expression”, as well as “crimes, violence, or threats of violence motivated by antisemitism” since the 7 October Hamas attack against Israel.
On free speech, while “generally provided” for, the report cites “specific areas of concern” around limits on “political speech deemed ‘hateful’ or ‘offensive'”.
Sir Keir Starmer has previously defended the UK’s record on free speech after concerns were raised by Mr Vance.
In response to the report, a UK government spokesperson said: “Free speech is vital for democracy around the world including here in the UK, and we are proud to uphold freedoms whilst keeping our citizens safe.”
Image: Keir Starmer and JD Vance have clashed in the past over free speech in the UK. Pics: PA
The US report highlights Britain’s public space protection orders, which allow councils to restrict certain activities in some public places to prevent antisocial behaviour.
It also references “safe access zones” around abortion clinics, which the Home Office says are designed to protect women from harassment or distress.
They have been criticised by Mr Vance before, notably back in February during a headline-grabbing speech at the Munich Security Conference.
Ministers have said the Online Safety Act is about protecting children, and repeatedly gone so far as to suggest people who are opposed to it are on the side of predators.
Please use Chrome browser for a more accessible video player
5:23
Why do people want to repeal the Online Safety Act?
The report comes months after Sir Keir bit back at Mr Vance during a summit at the White House, cutting in when Donald Trump’s VP claimed there are “infringements on free speech” in the UK.
“We’ve had free speech for a very long time, it will last a long time, and we are very proud of that,” the PM said.
But Mr Vance again raised concerns during a meeting with Foreign Secretary David Lammy at his country estate in Kent last week, saying he didn’t want the UK to go down a “very dark path” of losing free speech.
Please use Chrome browser for a more accessible video player
The Trump administration itself has been accused of trying to curtail free speech and stifle criticism, most notably by targeting universities – Harvard chief among them.