NFT Marketplace Vulcan Forged Lost $140 Million in Hack

The NFT marketplace confirmed that 96 wallets were compromised and announced reimbursed from the treasury.
NFT Marketplace Vulcan Forged Lost $140 Million in Hack

In Brief:

  • Vulcan Forged confirmed a cyberattack on its 96 wallets and loss of $140 million.
  • The company will replace PYR and Lava tokens from the treasury to victims.
  • The company has identified the wallet address and approached crypto exchanges to blacklist.

Vulcan Forged, a leading NFT marketplace, suffered a $140 million loss in PYR from 96 wallets after a cyberattack on its platform. The Hacker also stole the ETH and MATIC tokens. It seems like a crypto space is now becoming a soft target for hackers.

On 13th December, The Platform came forward on Twitter to confirm the attack. Moreover, to investigate the incident the company has formed a team. The company has also announced compensation from the treasury for victims. 

As per the tweet, the company will replace PYR and LAVA from their treasury. In another tweet, the company has also announced compensation in PYR for those who lose ETH and MATIC.

As per the report, Hacker has stolen 4.5 million PYR tokens, whose valuation as per the current market price is around $100 million. After the news came out, PYR tokens fell to 20% and at the time of writing, PYR’s downfall momentum continued.

The company has also urged victims to provide Metamask addresses from their registered email id, so the company can easily transfer funds.

The company has also hinted about its shift to a fully decentralized wallet in the near future. 

The company has identified some wallet addresses, which were used in the attack. To block this account, the company has approached crypto exchanges. The wallets involved in attacks are KYC verified, so the investigation will be smooth.

Vulcan Forged also offers a decentralized exchange (DEX) along with the NFT marketplace. The company is currently also involved in a new fascinating concept, blockchain gaming. In the last few months, blockchain games such as Axie Infinity, The Sandbox, and Wolf Game have successfully covered a large crowd through the ‘Play-to-earn’ model. 

Wolf Game, the first on-chain game on Ethereum blockchain has generated 12.2K ETH volume in less than a week, which shows blockchain games’ popularity among its audience.

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