A development that is likely to cause concern among altcoin PlayDapp (PLA) investors has occurred. Because, the major cryptocurrency exchange Coinbase made a statement today. In his statement, he announced that all PLA-related transactions on his platform were suspended. This decision comes as PlayDapp is recovering from two recent hacks that resulted in the loss of millions of dollars worth of tokens and cast a shadow over the security and stability of the project. Here are the details…
Transactions stopped in the altcoin project
According to an official statement released by Coinbase, the pause function enabled in the PLA smart contract triggered the suspension of PLA deposits, withdrawals, trades and other transactions across all its services, including Coinbase, Coinbase Prime, Advanced Trade and Coinbase Exchange. In the statement, they also said that they were monitoring the situation closely. It was also stated that this action was a precautionary measure as they expected further developments from PlayDapp.
This news follows two major security breaches reported by PlayDapp earlier this month. The first incident occurred on February 9. The incident involved the theft of approximately $65 million worth of PLA tokens. Just three days later, a second attack targeted the network again. Then $225 million in assets were stolen. As a result of these security flaws, the PlayDapp team initiated a temporary suspension of the PLA smart contract, raising doubts about the overall security and reliability of the platform.
Security vulnerabilities raise concern
Coinbase’s decision to cease PLA operations reflects growing concerns surrounding PlayDapp’s security vulnerabilities. The exchange assured users that they would update their stance as the situation emerged. However, the current suspension has many investors worried. Because it leaves them facing uncertainty about their assets and the future of PLA tokens.
The impact of this decision extends beyond Coinbase users. Other major exchanges such as Binance and FTX have also imposed similar restrictions on PLA trading, further isolating the token and potentially hindering its future recovery. This incident highlights the importance of robust security measures in the emerging cryptocurrency ecosystem.
The price has fallen
As a result of these developments, the PLA price decreased. According to CoinMarketCap data, as of February 14, 2024, the PlayDapp (PLA) price decreased by 13.94% in the last 24 hours to $0.138821. The performance in the last 7 days is also quite weak, PLA lost 16% of its value. When we look at the last 30 days of data, the decline becomes even more dramatic. Because the price of PLA has decreased by 25%.
As we mentioned above, this decline is due to two major cyber attacks that PlayDapp has experienced recently. The theft of tokens worth $65 million on February 9 and $225 million on February 12 damaged investor confidence and led to a decline in prices. PlayDapp has temporarily suspended the PLA smart contract and is working to resolve the issue. Some major cryptocurrency exchanges, such as Coinbase, have stopped PLA transactions.
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