South Korean Game Development Platform PlayDapp Loses $290 Million in Crypto Hack
PlayDapp, a blockchain-based game development platform and NFT marketplace, has suffered a hack that resulted in the loss of over $290 million in cryptocurrency. The exploit lasted for four days before being discovered.
Exploit Details and Response
The unauthorized wallet responsible for the hack minted 200 million PLA tokens worth $36 million. It was revealed that the wallet was added after the smart contract’s private keys were compromised. In response, PlayDapp offered the hacker a white hat bounty of $1 million to return the funds by February 13. The platform threatened to involve law enforcement agencies if the hacker did not comply.
Continued Attacks and Countermeasures
The attacker proceeded to mint another 1.59 billion PLA tokens worth $249.6 million and laundered the stolen funds by swapping and dispersing them across different blockchains. PlayDapp requested centralized exchanges to suspend transactions involving PLA tokens, freezing the hacker’s wallets in the process.
Ongoing Investigations and Asset Protection
PlayDapp is currently investigating the hacker’s intrusion methods and tracking the stolen tokens. The platform is also collaborating with blockchain intelligence firms, security firms, and law enforcement agencies to resolve the issue and prioritize the protection of PLA holders’ assets.
Impact on PLA Value
As a result of the hack, PLA has lost over 18% of its value, dropping from $0.182 to $0.148 at writing time.
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