Crypto hackers breached the security of Vulcan Forged. The crypto firm offers a robust gaming ecosystem to users who suffered a massive hit from the wave of sweeping attacks that have bedeviled the crypto space lately. Recently, the crypto firm became another victim of a terrible hack, which led to a significant loss in PYR held tokens. The team behind the crypto project say they are refunding everyone affected. They plan to pull their refund from their treasury.
The Polygon network hosts the Vulcan Forge as a digital asset. Vulcan provides crypto games. The team behind Vulcan created crypto games across six other blockchains. Apart from the gaming ecosystem, the crypto blockchain offers a decentralized exchange where in-game assets are traded.
Hackers Gained Entry Into Vulcan
The team behind Vulcan reported a massive breach of its security protocols, leading to a loss equivalent to $140 million. The attackers overwhelmed the network’s protocols by attacking 96 private keys of significant stakeholders. While it is true that users create their wallets and keep their seed phrases somewhere safe, the fact is that the team or the platform partially manages private keys.
The hackers forced their way into the digital platform and were able to take advantage of the implied weakness to steal users’ private data. In numbers, the hackers swept off 4.5 million PYR assets, equivalent to 9% of the token’s aggregate. The hackers successfully stole other digital assets like Ethereum and Matic.
The officials at Vulcan Forged have isolated the stolen tokens from the Centralized exchanges where the assets had flowed into during the unfortunate attack. The team says it is committed to “identifying a footprint”.
The Vulcan team had earlier informed its community about the unfortunate breach. They had also reported the community to clear funds left in liquidity pools. This would deter the hackers from swindling away assets in liquid pools via decentralized exchanges. 2 million dollars worth of PYR were stolen by the attackers. The attackers also went away with significant Ethereum assets, leaving $47 million liquidation assets.
Refund Has Taken Place
Vulcan has refunded all victims with PYR and LAVA tokens. These assets were taken from its treasury.
Reacting to the refund claim by the crypto team, the users of the platform say that refunds have happened. A blockchain developer working with the crypto asset claims that wallets have since been secured. The crypto project plans to commence a buyback process. This buyback policy focuses on burning refunded tokens. At least, users are relieved of getting back their tokens.
The team behind Vulcan runs an NFT marketplace to exchange in-game assets and general transactions. The massive hack had biting implications for PYR as its market value dipped. Since the team went public with the information of the unfortunate hack, market sentiments have not been positive for the token. However, it recovered slightly, and now, PYR is traded at $21.60.