Blockchain Gaming Platform PlayDapp Loses $290 Million in Crypto Assets
According to blockchain analytics firm Elliptic, the crypto gaming platform PlayDapp (PLA) experienced security breaches resulting in a loss of $290 million worth of crypto assets this month.
The Breaches and Stolen Funds
The first breach occurred on February 9th, believed to be due to a private key leak. During this breach, an unauthorized wallet minted 200 million PLA tokens valued at $36.5 million at that time. On February 12th, the hackers struck again, minting an additional 1.59 billion PLA tokens, worth $253.9 million.
Recovery Efforts and Asset Laundering
To recover the stolen funds, PlayDapp offered a white hat reward of $1 million for the return of the assets by February 13th. However, the hackers did not comply. Elliptic reports that the hackers have started laundering the tokens by sending them to exchanges and other accounts, although the assets are now worth less than their original value.
Identifying Stolen Funds
PlayDapp has already contacted law enforcement authorities and blockchain intelligence companies to prevent the movement and exchange of the stolen funds. Additionally, Elliptic states that crypto firms can identify these stolen funds through their tools, allowing exchanges and service providers to detect if they are receiving proceeds from this hack.
“Before the breaches, the total circulating supply of PLA tokens was 577 million, so the exploiter may find it difficult to sell the ~1.8 billion newly-minted tokens at anything close to their market value prior to the hacks.”
The post $290,000,000 Drained From Crypto Gaming Platform PlayDapp by Hackers After Massive Security Breach: Elliptic appeared first on The Daily Hodl.
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