Suspension of Trading Activity on Coinbase
Coinbase has temporarily suspended the gaming platform PlayDapp’s token trading and transfer activities following a recent hack that resulted in the theft of 200 million PLA tokens. The security breach was first reported by Cyber Alerts on X (formerly Twitter), and PlayDapp’s team immediately took action to protect the assets of token holders.
The gaming platform contacted major centralized exchanges (CEXs) to suspend deposits and withdrawals, and they promptly reported the incident to the authorities. Coinbase announced the suspension of PLA’s trading and transfers across their platforms while they monitor the situation and await updates from PlayDapp.
Investigation into the Hack
PlayDapp’s team is actively investigating the hacker’s intrusion methods to prevent further attacks. They are also tracking the minted and swapped tokens by the hacker and have requested assistance from PLA holders to halt transactions temporarily for a migration based on a snapshot.
The platform is discussing with exchanges to find the best migration solution. They have confirmed minimal damage from the secondary minting of 1.59 billion tokens, and security firms are filtering out most of the invalidly minted tokens during the migration process.
Migration Process and Reimbursement for Users
The updated version of PlayDapp’s token, PDA, will introduce enhanced security features such as multi-signature implementation, snapshot, pause, burn authority separation, and a DAO voting system. PDA can only be swapped at a 1:1 ratio using wallets not associated with the hacker.
PlayDapp will coordinate with centralized exchanges to reimburse PDA to affected PLA-holding users during the migration. Users will receive their full token holdings at a 1:1 ratio based on their current balance holdings at the snapshot timing, with the snapshot time to be announced in a future update.
Impact on PLA Price
Following the attack and Coinbase’s announcement, the price of PLA dropped from $0.1823 to $0.1498. However, after the most recent migration plan update, the token price experienced a surge of 1.2% in the last hour and 3.7% in the previous 24 hours, trading at $0.1524.
Hot Take: PlayDapp’s Response to the Hack
Coinbase has temporarily suspended the gaming platform PlayDapp’s token trading and transfer activities after the recent hack that resulted in the theft of 200 million PLA tokens. Recent updates from the Web3 platform have shared some insight into the investigation process.
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