Vulcan Forged Platform Suffers Security Breach, 96 Wallets Compromised – Bitcoin News

VulcanForged, an NFT and gaming platform, was the victim of a security flaw that enabled attackers to access some of its cryptocurrency wallets. Hackers gained access to 96 user wallets. They were also able steal over 4.5 million PYR. This is the native token for the project. Vulcan has announced that it will reimburse users using funds taken from its treasury.

Vulcan-Forged Wallets Hacked, 4.5 million PYR Stolen

Vulcan Forged was a cryptocurrency gaming platform that has an NFT exchange. A security breach occurred on December 13. This allowed some attackers access to private keys. Initial reports suggest that attackers succeeded in gaining access to the private keys of several users. compromiseKeys to 148 wallets holding 4.5 Million PYR, the native currency of the project and other crypto assets such as ethereum, matic, and more

Later the platform statedOnly 96 wallets had been affected. Vulcan stated, in addition, that they had moved to a completely decentralized platform for wallets due to the hack. Reports claim that the theft of 4.5 million PYR could have been worth $100 million. According to Coingecko, PYR lost 27% in 24 hours due to the incident.

Vulcan to reimburse Stolen Funds

Vulcan quickly reacted and communicated the details to its users, stating that it would accept full responsibility. All funds in PYR or other tokens like ethereum, matic and others found in vulnerable wallets will be refunded with the same value in PYR.

Vulcan sent out emails instructing users to create Metamask wallets and hold the assets themselves. They were to not depend on any central wallet manager. Since then, Vulcan is active. statedIt has already reimbursed most of the victims. Vulcan’s team continues to investigate the cause of the hack and stop the thefts from being transacted on central exchanges. The Vulcan team stressed that:

The tokens that were stolen from CEX exchanges have been identified. We’re currently trying to find footprints.

Vulcan added that some wallet addresses in the hack may have been KYC-compliant on certain exchanges. But, no further information has been provided. It is the third attack on centralized crypto platforms that took place in December. Ascendex and Bitmart suffered heavy losses as a result.

Let us know your thoughts on the Vulcan Forged Central Wallet Platform and this hack. Leave a comment below.'
Sergio Goschenko

Sergio, a Venezuela-based cryptocurrency journalist. His entry into the cryptocurrency world in December 2017 was when it saw a price surge, and he describes himself as being late to this game. He is a Venezuelan computer engineer with a background in social engineering and has been impacted by cryptocurrency’s boom on a personal level.

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