$100 Million in $PYR Stolen from Vulcan Forged Marketplace

$100 Million in $PYR Stolen from Vulcan Forged Marketplace
Photo by Maxim Hopman / Unsplash

Vulcan Forged, a blockchain gaming environment, has recently exposed the facts of a horrific incident on their platform. 4.5 million $PYR tokens worth about $100 million were stolen from 98 wallets by devious scoundrels. The attack, according to investigators, occurred on December 13 and took use of a previously unknown vulnerability in the Vulcan Forged system. Initially, it was thought that the heist involved 148 wallets. Vulcan Forged, however, revised this figure to 98 when conducting the study.

Security breaches like this aren't new in the crypto world. However, the troubling trend is that the amount of these attacks is rapidly growing in tandem with the cryptocurrency market's recent price increase and growing mainstream usage. Previously, on December 12, 2021, bitcoin exchange AscendEX had $80 million in assets stolen from a hot wallet.

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Vulcan Forged was fast to respond to the big heist, revealing the liable wallet address and contacting all major exchanges to guarantee the address was blacklisted. One of them revealed that they believe they have the criminal's KYC information on file, leading to rapid punishment for the criminal. The VF treasury has repaid the majority of the PYR to affected wallets. The tokens stolen from all CEX exchanges, according to the developers, have been segregated. Perhaps the glimmer of hope in this was a completely decentralized solution.

As a result of the hack, Vulcan Forged is prioritizing security and will set in motion preparations to transition to a completely decentralized wallet system, committing all of their development resources to complete this critical work as soon as possible. Following the incident, Vulcan Forged accepted full responsibility for the security breach and promised to reimburse all lost tokens from the treasury fund. However, the harm is still being felt, as $PYR tokens have lost over 28% of their value in the aftermath. The team is working to replace the PYR tokens taken using treasury cash, but the investigation is still ongoing.

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