Reprieve for Vulcan Forged Users as Hacked NFT Gaming Platform Refunds $140 Million

NFT gaming marketplace Vulcan Forged said Tuesday it has refunded more than $140 million in cryptocurrency following a recent hack.
Image Source:

Quick Take:

  • Vulcan Forged said Tuesday it has refunded more than $140 million in crypto to investors.
  • The NFT gaming platform was recently hacked with users losing more than $140 million.
  • Vulcan also offers a decentralized exchange and at least six blockchain games.

The non-fungible token gaming and decentralised exchange platform Vulcan Forged said Tuesday it has refunded more than $140 million in cryptocurrency to its users following the recent platform hack.

Vulcan Forged is a play-to-earn non-fungible token platform that rewards players with tokenized in-game assets. The platform also features other tradable tokens that players can buy or swap with Vulcan’s utility token, called PYR.

The hacking took place two days ago, with the cybercriminals stealing investments in Ether, Polygon and PYR.

Vulcan Forged CEO, Jaime Thomson was quick to acknowledge the breach on Twitter calling the day, Dec. 13, the malicious act took place the darkest day in the history of the platform.

A day later, Vulcan Forged announced on Twitter the company had refunded more than $140 million about 4.5 million PYR to affected platform users.

However, the company said that it will take steps to understand what happened for the breach to occur.

Generally, when a person registered an account with Vulcan Forged, a wallet is immediately created, allowing the user to receive and send cryptocurrencies. The private keys that allow users to gain access to various crypto assets are stored in the wallet. 

As a result, it is impossible to send or receive cryptocurrency without using private keys. The company said it manages user crypto wallets using a semi-custodial wallet solution through a third party, Venly. 

Thomson expressed his confidence in the service saying Vulcan Forged had no knowledge of it ever being hacked or exploited.

What has happened is someone has exploited our servers, gotten the Venly credentials, and used them to extract the private keys of the Forged users. Going forward, of course, we are going to be using nothing but decentralised wallets so we never have to encounter this problem again.”

The company also offered to award those who were affected by the hack or did not sell PYR during the period of anxiety and uncertainty with ‘Resilience’ Achievement.

In a related incident, hackers breached decentralised cryptocurrency exchange platform Monox, disappearing with $31 million on Dec. 06.

Stay up to date:

Previous Post

Coinbase is Adding an NFT Tab to Its Browser Wallet

Next Post

Andreessen Horowitz Invests in PleasrDAO, an Investor Group Targeting NFTs

Related Posts