Vulcan Forged, the game and NFT platform, has encountered a security breach, allowing attackers to control certain cryptocurrency wallets of the service. The hacker mastered 96 user wallets and managed to steal more than 4.5 million PYR (the project’s native token) and other assets. Vulcan is now dealing with the aftermath and announced that it will repay all users’ funds from their treasury.

Vulcan’s counterfeit wallet was hacked and 4.5 million PYR was stolen

Vulcan Forged, a blockchain gaming platform with an NFT market, suffered a security breach on December 13, allowing attackers to gain access to the private keys of certain users.According to early reports, the attackers managed to compromise The keys of 148 wallets hold 4.5 million PYR (the project’s native token) and other encrypted assets such as Ethereum and matic.

Later platform statement Only 96 wallets were affected. Vulcan also stated that due to this hack, they will switch to a fully decentralized wallet platform from now on. According to reports, at the time of the incident, the value of 4.5 million PYR stolen was as high as US$100 million. However, this event caused the PYR price to plummet, falling by 27% in the past 24 hours at the time of writing. according to To Coingecko.

Vulcan will repay the stolen funds

The Vulcan team responded quickly and clarified the situation, and its user group stated that they would take full responsibility for this issue. Any funds in PYR and other tokens (such as Ethereum and Matic) that exist in vulnerable wallets will be compensated in the equivalent of PYR.

The platform sends emails to users and guides them to set up a Metamask wallet to hold these assets on their own, without relying on any centralized wallet manager.Vulcan since then statement It has compensated most users affected by hacker attacks. The Vulcan team is also working hard to find out the cause of the security breach and prevent stolen tokens from being traded on centralized exchanges. It emphasizes:

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

In addition, Vulcan pointed out that some of the wallet addresses involved in the hack may have completed KYC on certain exchanges, but no further explanations have been made on this.This is the third hacking attack affecting centralized encryption platforms in December. Exchanges such as Bitmart and Rise Also suffered heavy losses due to such incidents.

What do you think of the Vulcan Forged centralized wallet platform and this hacking attack? Tell us in the comments section below.

Sergio Goshenko

Sergio is a cryptocurrency journalist based in Venezuela. He described himself late and entered the crypto space when prices rose in December 2017. With a background in computer engineering, living in Venezuela, and socially affected by the cryptocurrency boom, he offers a different perspective on the success of cryptography and how it can help the unbanked and underserved people.

Image Source: Shutterstock, Pixabay, Wikimedia Commons