Crypto gaming platform PlayDapp loses $290 million in a hack

Experts speculate that this was the result of a compromised private key

14.02.2024 - 11:27

363

3 min

What’s new? Gaming blockchain platform PlayDapp has suffered a hack that resulted in the loss of $290 million worth of PLA tokens (according to the market value at the time of the theft). On February 9, 200 million PLA ($36,5 million) were issued by an unauthorized wallet. Experts at analytics platform Elliptic speculate that this was the result of a compromised private key.

Elliptic’s blog

What else is known? PlayDapp representatives sent a message to the hacker via an on-chain transaction, offering a $1 million reward for the return of the stolen funds by February 13.

Attempts to negotiate with the hacker were unsuccessful, as he showed no willingness to help owners recover losses, PlayDapp said in a statement. So, on February 12, the attacker issued another 1,59 billion PLA ($253,9 million). He distributed the assets to multiple addresses and began laundering through crypto platforms.

“Before the breaches, the total circulating supply of PLA tokens was 577 million, so the exploiter may find it difficult to sell the ~1,8 billion newly-minted tokens at anything close to their market value prior to the hacks,” Elliptic reported.

On February 13, the PlayDapp team announced that the PLA smart contract had been suspended. Representatives of the platform added that they are working with crypto exchanges, blockchain forensics firms, and law enforcement agencies.

Источник: Twitter.com

Crypto hackers stole $182,5 million in 30 attacks in a month

Compared to last January, the amount of damage increased by 771%

Earlier, PeckShield reported that in 2023, the damage from more than 600 attacks on crypto projects amounted to $2,61 billion, of which $1,51 billion was due to hacks and $1,1 billion to fraud. The overall figure dropped by 27,78% year-over-year, with 674,9 million in assets recovered. DeFi protocols remain the top target, accounting for 67% of the damage.

Author: