Vulcan Forged Refunds Users A Total Of $140 Million After Getting Hacked

Bishal Kumar Chanda

Vulcan Forged, a play-to-earn NFT platform, announced that it had refunded cryptocurrency of over $140 million to compromised users. The hackers stole millions of dollars in Ethereum, Polygon, and mainly in PYR, Vulcan's native cryptocurrency. They have already sold a significant part of the stolen assets in small batches. However, there is still 2 million PYR (currently valued at about $28 million) sitting untouched in one of their wallets. Vulcan Forged reached out to all major exchanges to blacklist the culprit's wallet address so they could not cash out the funds. They are also in contact with an exchange where the culprit's wallet might have been KYCd. 

Vulcan Forged is built on the eco-friendly sidechain of Ethereum, the Polygon network. More than six blockchain games are offered on Vulcan Forged play-to-earn platform, along with a decentralized exchange and an NFT marketplace. CEO Jamie Thomson officially acknowledged the breach on Twitter on December 13 and called it the "darkest day in Vulcan Forged history". The attackers could exploit VulcanForged servers to extract more than 96 private keys, stealing about 9% (4.5 million) of PYR's total supply. As soon as the news was confirmed officially, the price fell by 34% to $21 and is currently trading at $13.8. 

Cyber attacks are nothing new in the blockchain gaming community. We have seen something similar happen with Illuvium's staking contract vulnerability. We can say that Vulcan Forged handled it well. They took responsibility by reimbursing victims from their emergency treasury in PYR and LAVA tokens. Vulcan Forged plans on using decentralized wallets and nothing else to avoid such problems in the future. Along with the roadmap, they also plan to organize buyback and burn of PYR to revive it to its previous glory.

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