A hacker obtained the private keys of 96 crypto wallets and in the process stole roughly 4.5 million units from Polygon-based Vulcan Forged’s altcoin project called PYR. Altogether, approximately $140 million was stolen. cryptocoin.com We are giving the details of the hack…
Attack alert on Vulcan Forged platform: Altcoin price fell hard
Users seem disappointed, although the company promised to integrate affected users with the money it took from its treasury and claimed that half of the stolen funds were refunded earlier today. The PYR has lost more than 30 percent in the last 24 hours, falling from over $32 on Sunday to below $21 as of writing. According to company CEO Jamie Thomson, the hacker managed to attack the storage wallets that Vulcan Forged helped manage for its customers. The problem was with a vulnerability in Vulcan Forged, not the wallet solution provider Venly.
Thomson said in a video shared on the company’s social media accounts today that someone was exploiting its servers. Venly credentials and users’ private keys on MyForge, the tool that displays crypto and NFT holdings, were reportedly stolen. Thomson said that nothing other than decentralized wallets will be used in the future, and that this problem will never be encountered again.
$140 million is a huge amount for the huge gaming ecosystem. According to Etherscan, there are 6,501 wallets holding PYR, including those on the exchange. For comparison, 45,073 wallets hold Axie Infinity tokens. Given the high token ratio among the relatively small number of users, the hacker was able to steal an average of $1.46 million per wallet by targeting the whales of the community. The attack pulled the Vulcan Forged market cap from $612 million to $400 million today.
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