Crypto Rewarding Gaming Platform “Vulcan Forged” Hacked, Loosing $140M

HIGHLIGHTS

  • Vulcan Forged, a crypto-gaming platform, was recently hacked, resulting in the loss of $140 million in user crypto assets.
  • According to reports, hackers gained access to the keys of 96 wallets, stealing 23.7 percent of the project’s circulating token supply.
  • Thomson stated that the company will now let users to manage their own wallet keys instead than storing them on its servers.

In recent years, the number of hacks targeting crypto-related platforms has increased dramatically. Vulcan Forged, a crypto-gaming platform, was recently hacked, resulting in the loss of $140 million in user crypto assets.

According to reports, hackers gained access to the keys of 96 wallets, stealing 23.7 percent of the project’s circulating token supply.

The game ecosystem administers the key to these cryptocurrency wallets, which are based on the Ethereum, Polygon, and VeChain blockchains.

Vulcan Forged’s CEO, Jaime Thomson, acknowledged the breach in a video message on Twitter, calling December 13 the “darkest day in Vulcan Forged history.”

Thomson stated that the company will now let users to manage their own wallet keys instead than storing them on its servers.

Hackers Stole Vulcan Forged Native Crypto PYR

The hackers stole Ether, Polygon, and Vulcan Forged’s native PYR cryptocurrency, which has since dropped in value and is currently trading at $20 on CoinMarketCap.

Vulcan Forged had encouraged its community members to withdraw funds from liquidity pools on decentralised exchanges to make it more difficult for the hacker to cash out the stolen funds.

The cyber-criminal, on the other hand, was able to sell modest amounts of PYR in exchange for Ether. According to a report by The Block Crypto, $2 million in PYR has been stolen from one compromised wallet and is now in the hands of the hacker.

To get their compensation, the business has asked affected members to create accounts with MetaMask.

Rise In Crypto Asset Hacking

A massive hack attack in October lost the Ethereum-based lending protocol “Cream Finance” $130 million in crypto assets. According to a recent research, cryptocurrency-related crimes would cost over $10.52 billion in 2020.

The Federal Bureau of Investigation (FBI) in the United States claimed in November that cyber criminals are tricking individuals into using physical cryptocurrency ATMs and digital QR codes to carry out illegal transactions and steal their money.

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