Another hacker attack...That's why PYR token price is dumping
Vulcan Forged is a crypto gaming ecosystem, which creates wallets on behalf of its users.
An attacker accessed 96 of these wallets, stealing 23.7% of the project’s circulating supply of tokens.
So far, half of the funds have been reimbursed from the project’s treasury.
Earlier today, 96 private keys were stolen from the crypto gaming ecosystem Vulcan Forged, enabling the attacker to siphon off $140 million in cryptocurrency.
Vulcan Forged offers a smorgasbord of crypto activities. It is primarily a game studio, offering six different blockchain-based games. But it also has an NFT marketplace and its own decentralized exchange, where users can trade its token PYR.
When someone registers an account with Vulcan Forged, the platform creates a set of blockchain wallets for them on the Ethereum, Polygon and VeChain blockchains. Rather than have the user manage their own private keys, the platform does so on their behalf.
According to the project’s own wiki, it works with wallet management service Venly (formerly Arkane Network) to create its wallets — a service also used by Atari, Matic and the Blockchain Game Alliance.
In Venly’s Discord channel, Lawrence Pluym, head of community at Venly, said it’s undergoing an audit to check whether only Vulcan Forged wallets were affected.