On February 12, a hacker, as a result of a repeated hack of the PlayDapp gaming blockchain platform, issued 1.59 billion PLA tokens worth $253.9 million at the market price.
🚨 ICYMI: #Crypto gaming and #NFT platform PlayDapp loses $290 million worth of tokens in two exploits, hacker minted 1.79 billion $PLA tokens worth over $290 million through the exploits.
More Details https://t.co/i9Vlk2miXc pic.twitter.com/Uth6lACY4T
— BNB Swap (@BNBSwap) February 14, 2024
The first incident occurred on February 9. An unknown person then minted 200 million PLA ($36.5 million) from an unauthorized wallet. He distributed the assets to several addresses and began laundering through crypto platforms.
The PlayDapp team sent the attacker a message through an intranet transaction with an offer to return the stolen funds for a reward of $1 million by February 13. Otherwise, this amount became a reward for help in his capture.
Experts from the analytical company Elliptic noted that the attacker also began laundering these funds through various exchanges.
PlayDapp developers spoke about the measures taken after the incidents, which include:
- internal investigation;
- tracking tokens issued by the hacker;
- contacts with centralized exchanges and DEX.
The platform team suspended the PLA smart contract and announced their intention to migrate for security reasons.
Token quotes have fallen from ~$0.18 to ~$0.15 since February 9th at the time of writing (CoinGecko). Over the past seven days, PLA has fallen in price by almost 15%.
In January, damage to the crypto industry from hacks and fraud amounted to ~$126.8 million, according to Immunefi.
The company’s statistics did not include the theft of ~213 million XRP worth $112.5 million from Ripple co-founder Chris Larsen.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
