Vulcan Forged gaming platform refunds its users after losing $140

Vulcan Forged is a gaming platform that runs on a blockchain testing site. Yesterday, Vulcan said it lost 9% of its own tokens worth around $140 million to a hacker. Vulcan announced today that it has recovered tokens from affected wallets. They added that an investigation is ongoing to determine how the coins were lost and may be recovered.

According to a tweet from developer Vulcan, all Forge wallets are already protected, but some still require a refund. The tweet also states that the team will be running the token buyback process soon.

Vulcan recovers funds from its users during the latest cyber attack investigation
Vulcan was the victim of a cyberattack that erased $140 million from its books by illegally withdrawing tokens from 96 consumer wallets. This “theft” took about 4.5 million PYR tokens, which is 9% of their total supply.

Even though the platform’s cash register works 24/7 to get back its users’ money, it’s a sad story. This news came as a surprise as the value of the PYR token fell sharply during the week. Now the PYR value is down about 30% on the last day.

According to its CEO Jamie Thompson, the attackers mainly focused on semi-retention wallets that the platform managed for its users. He said the security issue was not with their Venly portfolio solution partners, but with their systems. He said hackers used Vulcan’s servers to extract the private keys of users’ wallets and then link all their holdings.

Jamie also said that his party regretted the use of this portfolio security method and needed to use a decentralized method so that similar incidents do not happen again.

Crypto-targeted cyberattacks are increasing exponentially
Towards the end of 2021, the crypto space is experiencing a bigger downturn than ever. The value of the entire market fell significantly as sharp declines dominated almost all assets, from BTC to Defi and other altcoins. Another major event is the exponential increase in crypto-targeted cyberattacks.

Just in December several crypto platforms like Bitmart, BadgerDAO, MonoX etc. announced illegal coin transfers with asset value. BadgerDAO lost $10 million in a hack that sent illegal fraud alerts to its users. MonoX also lost some digital assets worth more than $30 million.

One of the biggest attacks this month was against Bitmart. The exchange lost more than $150 million in a hack that used unscrupulous methods to transfer multiple altcoins to unknown addresses. All of these attacks, which took place in the same month, signal the need for better security measures in the crypto industry. However, crypto enthusiasts can only hope for a visible end to crypto-targeting attacks as most of them are extremely dangerous.

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