An Attacker Steals Around $100M In PYR From the NFT Marketplace Vulcan Forged
Vulcan Forged – a marketplace of NFTs (non-fungible tokens) – declared that 13th December was the date when up to 148 wallets containing the PYR token thereof had been undermined. The intruder has taken away more than 4.5M PYR tokens (valuing nearly $100M).
The hack and the aftermath
The group is operating on substituting the respective stolen PYR tokens with those existing in the protocol. However, the investigation has just started. The overall valuation of the PYR token has plunged significantly by more than 10% after the declaration of the robbery, and it is consistently decreasing afterwards. The replacement of the robbed tokens would be carried out via the treasury funds of the platform.
In addition to this, the focus of the venue is to completely transform into a decentralized wallet system, while the details thereof have not yet been discussed. The team at the back of the token has disclosed the specifics of the particular wallet that was utilized in the assault, and it has additionally conversed with the exchanges to blacklist the respective address.
The owner of the wallet may have given KYC particulars thereof to the exchange. This could shorten the investigation process. Vulcan Forged counts to be an ecosystem of NFTs that delivers a DEX, a marketplace, a dashboard for the management of assets, as well as the capability for minting the NFTs. The venue is fundamentally centred around the ecosystem of blockchain gaming which has enhanced considerably during the current year. The play-to-earn setup has been brought to the front with the progress of games such as The Sandbox as well as Axie Infinity.
The crypto assaults still an apprehension for NFT and DeFi market
Robberies in the world of cryptocurrencies are persistent and continue to engulf investors as well as teams. This year has witnessed a considerable quantity of attack incidents. A report was issued by a crypto intelligence company called CipherTrace issued a report disclosing that the crimes related to DeFi have hit their peak during this year’s initial seven months.
The cumulative funds drained in this time reached nearly $474M, signifying that a mounting upsurge has been witnessed in the attacks targeting the market of DeFi. One among the nearest attacks, occurring in the early period of this December, aimed at BitMart and stole $196M in funds.
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