PlayDapp, a South Korean blockchain-based game development platform and non-fungible token (nft) marketplace, has lost more than $290 million in cryptocurrency due to an exploit that lasted four days.
According to a cheep According to the platform team, the smart contract for PlayDapp's native token, PLA, has been paused and preparations are being made to snapshot the migration.
PlayDapp hacked for $290 million
PlayDapp's problems began on February 9 when an unauthorized wallet minted 200 million PLA tokens worth $36 million at the time. Blockchain security company PeckShield revealed that the wallet was recently added after the token's smart contract private keys were compromised and the protocol was hacked.
In response to the incident, PlayDapp Offered hacker a white hat reward of $1 million in exchange for the funds being returned by February 13. The platform threatened to involve law enforcement agencies in multiple jurisdictions in a criminal investigation if the hacker did not accept the offer.
Surprisingly, the attacker coined another 1.59 billion PLA tokens worth $249.6 million at the price of the asset during the exploit. Without hesitation, the hacker began laundering the stolen funds, exchanging and dispersing the assets across different blockchains.
After the second attack, PlayDapp asked centralized exchanges to suspend PLA deposit and withdrawal transactions, hindering the hacker's attempts to move the tokens further. The hacker's wallets have also been frozen.
Investigations in progress
At the time of this publication, the nft marketplace and gaming platform were investigating the hacker's intrusion methods, tracking minted and exchanged tokens, and engaging in discussions with exchanges for migration solutions such as airdrops.
Additionally, PlayDapp said that blockchain security and intelligence companies and law enforcement agencies are involved in resolving the issue by prioritizing the protection of PLA holders' assets.
“As a result, the help of PLA token holders is needed: we request the suspension of transactions because we will soon perform a migration based on the snapshot. Also, we will soon announce the migration plan. Similarly, assistance from DEX operators is also needed – we urge decentralized exchanges to temporarily suspend all liquidity pool activities related to PLA tokens as a precautionary measure,” the PlayDapp team said.
Meanwhile, PLA has lost over 18% of its value, dropping significantly from $0.182 before the first attack. CoinMarketCap Data sample The asset is worth $0.148 at the time of writing.
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