Hacking the NFT platform and stealing $140 million…Details here
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Answer Hacking the NFT platform and stealing $140 million…Details here
The NFT platform The focus of our article is Vulcan Forged (VF), an NFT marketplace and ecosystem for blockchain gaming based on the Polygon blockchain.
The ecosystem projects include “Berserk” (a mobile fantasy game that allows play for earning), “VulcanVerse” (an open world MMO game) and more…
Video message from CEO Jimmy Thompson about the hack today. pic.twitter.com/ivW5EjVrhm
– Forged Vulcan (VolcanForged) December 13, 2021
The hacked platform’s official cryptocurrency is “PYR” which was listed on Binance just a few days ago.
In a Twitter post, the (VF) team told that nearly 100 MyForge wallets (which is a wallet service used by VF users to manage and trade cryptocurrencies) have been hacked.Read:South Africa: Fraudulent company using Ponzi scheme fails to pay its investors
In total, nearly 4.5 million PYR coins were stolen, which is roughly a quarter of the circulating supply.
At the time of the hack, this amount was equal to about $140 million.
The stolen cryptocurrencies were subsequently sold on various exchanges.
Who is responsible?
The (VF) team told that they will return the cryptocurrency to affected users from the treasury reserve.
According to the latest updates, most of the stolen PYR coins have already been compensated, and those who lost other assets (eg, MATIC and ETH) will get the equivalent in PYR.
In addition, the team announced its plans to move to a fully decentralized wallet to prevent similar events from happening in the future.
Currently, user wallets are almost guarded by the platform, so Vulcan Forged is involved in managing users’ private keys.
PYR digital currency price reaction:
After a small price hike from $28 to about $33, the PYR price fell to $20 in less than 24 hours, which is a 39% drop.
Although the PYR price has recovered somewhat since then, it is still trading below $22, down 56% from its all-time high ($50).Read:Bitrue hacked and $4.2 million of Ripple (XRP) and Cardano (ADA) coins stolen
Bitcoin Drops Below $47,000 Despite Bitcoin Supply Drop in Trading Platforms to All-Time Lows
Learn the story of the photographer who made $1.4 million in profits through NFT
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