Polkadot was launched in May 2020. In a market dominated by Bitcoin and Ethereum, it quickly established itself as the next generation blockchain. The scale and interoperability problems limit Bitcoin's ability to transfer value without the assistance of
Gaming Platform PlayDapp Suffers $31 Million Hack – Details
Popular Web3 gaming platform PlayDapp has suffered a cyber attack resulting in an estimated loss of $31 million worth of assets. The attack was first detected by the security platform Cyvers Alerts before an official confirmation by PlayDapp. Since then, the gaming network has taken several measures to safeguard its users’ assets and recover the loot.
PlayDapp Deployer Address Compromised As Hacker Mints 200 Million PLA
In a post on X on February 9, Cyvers Alert shared that they had observed some suspicious transactions on PlayDapp. In particular, they noted that the network’s deployer address had been compromised by a foreign entity who added themselves as authorized minter on the Web3 gaming platform.
Using this access, the hackers printed 200 million units of PlayDapp’s native PLA token valued at $31 million. The security platform also noted that the stolen assets had been distributed to various addresses. Notably, the hacker has deposited $5.9 million worth of PLA in an address on the Gate.io exchange.
Few hours after Cyvers security warning, PlayDapp confirmed the attack in an official statement, saying that its management had initiated certain measures to contain the situation.
A statement from the announcement read:
…..We understand the gravity of this situation and assure you that we are taking immediate action. We have directly notified all partner exchanges and are collaborating with them to suspend trading and address the unauthorized tokens. We are working to resolve the issue. We will do our best to minimize the impact on PLA holders.
Notably, the gaming network has also transferred all locked and unlocked PLA tokens in its possession to a new wallet protected against the hacker’s influence. PlayDapp has described this move as a “precautionary measure” to ensure the security of its PLA assets.
PlayDapp Contacts Hacker, Threatens Law Enforcement Action
As part of its efforts in resolving the recent hack, PlayDapp announced it has now sent an on-chain message to the hacker offering a reward for the swift return of all stolen assets and contracts. The platform did not mention the nature and size of the reward, but it is quite common practice for embattled platforms to offer hackers a slight percentage of the loot in return for the remainder.
In its statement, PlayDapp stated that the hacker’s rejection of its offer would result in the platform involving the US Federal Bureau of Investigation (FBI) in the incident, alongside other relevant law enforcement outfits. In addition, the Web3 network has promised to place a public bounty on the hacker as well as employ the services of an anonymous blockchain security firm.Featured image from CNBC, chart from TradingView
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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