Millions of Dollars Worth of PLA Tokens Stolen from PlayDapp
Crypto gaming platform PlayDapp has experienced a series of breaches that have resulted in the loss of millions of dollars worth of PLA tokens. According to blockchain analytics firm Elliptic, these breaches have led to the theft of PLA tokens valued at $290 million based on their market value at the time.
Security Crisis at PlayDapp
Elliptic reports that on February 9, an unauthorized wallet minted 200 million PLA tokens, worth approximately $36.5 million. This breach is believed to have occurred due to a compromise of a private key.
In an attempt to recover the stolen funds, PlayDapp sent a message through an on-chain transaction offering a $1 million white hat reward if the stolen funds were returned by February 13. However, on February 12, the exploiter minted an additional 1.59 billion PLA tokens valued at approximately $253.9 million.
Preventing Crypto Money Laundering
The total circulating supply of PLA tokens before the breaches was 577 million. With the exploiter now owning around 1.8 billion newly minted tokens, it may be challenging for them to sell them at their market value before the hacks.
Elliptic has flagged the wallets associated with the exploiter in their tools to recover the stolen funds, allowing crypto exchanges and service providers to identify any funds associated with the hack.
Impact on PLA Token and Future Developments
The recent exploit has had significant repercussions on the native token PLA’s price. It has witnessed a decline of 3% within the past 24 hours and a substantial decrease of over 25% over the past 30 days.
The future developments surrounding this situation and the subsequent security measures to address investor concerns are yet to be determined. It remains to be seen how the situation will unfold and what actions will be taken to alleviate investors’ concerns.
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