Hackers hacked into the Vulcan Forged platform and stole $100 million worth of tokens

The company has engaged in compensation for the stolen funds and has also launched an investigation

13.12.2021 - 10:50

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What’s new? Vulcan Forged, an NFT marketplace, announced that the hackers have hacked 148 wallets containing the PYR tokens. The attackers stole more than 4,5 million tokens worth around $100 million, the company reported on its Twitter account.

148 wallets holding PYR have been compromised. Over 4.5m PYR has been been stolen.While we will replace the PYR taken, our first steps are understanding what’s happened.No words can do much right now, we know that. We’ll keep updated.— Vulcan Forged (@VulcanForged) December 13, 2021

What measures have been taken? The Vulcan Forged team has engaged in compensation for the stolen funds and has also launched an investigation. The company has contacted the exchanges to blacklist the address of the wallet used in the attack. The owner may have provided KYC details to the exchange, which may speed up the investigation. Since the theft was announced, the price of the PYR token has fallen by more than 10% and continues to fall. The company has said it plans to move to a fully decentralized wallet system.

What is known about the company? Vulcan Forged is an NFT ecosystem that offers DEX, an asset management dashboard, a marketplace, and an NFT mining capability. It is focused on the blockchain gaming ecosystem, which has grown in popularity this year. The “play for earnings” model has come to the fore thanks to the success of games such as Axie Infinity and The Sandbox.

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