Avalanche's Platypus DeFi suffers $8.5m flash loan attack

Platypus DeFi has suffered a flash loan attack, losing about $8.5 million to the attacker. The unfortunate news has crashed the price of the project's Platypus USD (USP) token by over 52 percent in the past 24 hours.

Timeline of Avalanche,

Cryptocurrency markets so far this year have seen a significant uptrend, which many have considered a reward for surviving the aftermath of the collapse of Terra-Luna in May 2022 and the significant losses caused by the unexpected fallout of cryptocurrency exchange FTX in November 2022.

According to the latest data from Artemis, the majority of GMX‘s activity has shifted from Avalanche [AVAX] to Arbitrum. This shift has raised concerns about the potential impact on Avalanche, as GMX is currently the largest perp by market cap and outperforms many of its competitors in terms of Total Value Locked (TVL).

Millions of crypto donations are pouring into Turkey following devastating earthquakes. Major donors include Avalanche, an open source decentralized blockchain, and Bybit, a crypto exchange.

Key Points: In order to increase lending market transparency and on-chain verification, Chainlink's Proof of Reserve feature is now accessible on the Aave lending platform running on the Avalanche blockchain. The integration will enable transparency for tracking the financial health of liquidity pools on the Avalanche-based Aave platform that contains wrapped tokens like AAVE.e, DAI.

Avalanche price analysis shows a bearish trend taking over trade for the token, as price dipped for the second day running over the past 24 hours. AVAX touched a 3-month high of $22.71 on February 2, and seemed to have settled around that price point.

Altcoin Sherpa, a well-known crypto strategist, and analyst, recently made several price predictions for the cryptocurrency market in February 2023. In his recent tweets, he discussed his next levels for Bitcoin (BTC), Solana (SOL), Avalance (AVAX), and STEPN (GMT).

The Avalanche price analysis right now is negative. Bulls succeeded in extending the positive trend yesterday by trying to enhance the coin's value, but the price increase was modest.

3 February's weekly roundup of Avalanche [AVAX] pointed towards a general growth of the network. Notably, Ava Labs launched its new explorer for Avalanche P-Chain, which came with several useful features.

AVAX, the cryptocurrency that powers Avalanche's high-performance smart-contract-enabled layer-1 blockchain protocol, has been surging in 2023. The cryptocurrency is already up nearly 100% since the turn of the year, with AVAX last changing hands to the north of $21 per token, having ended 2022 under $11.

The latest price moves in bitcoin (BTC) and crypto markets in context for Feb. 2, 2023. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.