Vulcan Forged Platform Suffers Security Breach, 96 Wallets Compromised

Vulcan Forged Platform Suffers Security Breach, 96 Wallets Compromised

Vulcan Forged, a gaming and NFT platform, suffered a security breach that allowed attackers to gain control of some cryptocurrency wallets of the service. The hackers got hold of 96 user wallets and managed to steal more than 4.5 million PYR, the native token of the project, among other assets. Vulcan is now dealing with the aftermath and announced it would reimburse all users with funds from their treasury. Vulcan Forged Wallets Hacked, 4.5 Million PYR Stolen

Vulcan Forged, a blockchain gaming platform with an NFT market, suffered a security breach on December 13 that allowed attackers to gain access to the private keys of some users. According to early reports, the attackers managed to compromise the keys of 148 wallets, holding 4.5 million PYR, the native token of the project, and other crypto-assets such as ethereum and matic.

Later, the platform stated that just 96 wallets were affected. Vulcan also stated that, due to this hack, they were moving to a fully decentralized wallet platform from now on. According to reports, the 4.5 million PYR stolen was worth as much as $100 million at the time of the incident. However, the event made PYR prices dump, losing 27% of its price in the last 24 hours at the time of writing, according to Coingecko. Vulcan to Reimburse Stolen Funds

The Vulcan team was quick to react and clarified the situation with its userbase stating that they would take full responsibility for the issue. Any funds in PYR and other tokens such as ethereum and matic present in the vulnerable wallets would be reimbursed with the equivalent value in PYR.

The platform sent emails to users and directed them to set up Metamask wallets to hold these assets by themselves, not relying on any centralized wallet manager. Vulcan has since stated it has reimbursed the majority of users affected by the hack. The Vulcan team is also working to find out what caused the security breach, as well as stopping the tokens stolen from being traded on centralized exchanges. It stressed:

We have isolated the tokens stolen from all CEX exchanges. We are working to identify footprints.

In addition, Vulcan noted that some of the wallet addresses involved in the hack could have completed KYC on some exchanges, though nothing more has been said regarding this. This is the third hack to affect centralized crypto platforms in December, with exchanges like Bitmart and Ascendex also suffering heavy losses due to such events. Tags in this story Ethereum, Funds, matic, private keys, PYR, reimburse, security breach, Vulcan Forged, Wallets

What do you think about the Vulcan Forged centralized wallet platform and this hack? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Multicoin Capital Exec Says There "May Not Be a Crypto Bear Market at All," Claims "Bitcoin Will Get Flipped" NEWS | 4 hours ago Actress Gwyneth Paltrow Invests in Bitcoin Mining Operation Terawulf NEWS | 6 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleXELS to Offer Carbon Credit-Backed NFTs on New Blockchain Platform Next articlePlaying Around With the SIDUS HEROES Demo Left Me in Great Anticipation for the Game Release in January Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFlorida Governor Ron DeSantis Proposes Creating a Cryptocurrency Payment System for State Fees

The American politician and attorney serving as the 46th governor of Florida, Ron DeSantis, announced the state’s 2022-23 budget proposal last week and proposed an idea to let businesses pay state fees with crypto assets. The governor’s "Freedom First Budget” ... read more.E-Commerce Giant Amazon Backs Wax Blockchain-Based Fractional Trading Card Market Dibbs: Report Bitcoin.com Wallet Adds Support For Multisig (Shared) Wallets Coinbase Launches Defi Yield Earning Service to Over 70 Countries, United States Not Included Gitcoin Deactivates Grant for Farsi Speaking Communities Due to U.S. Sanctions