PlayDapp, a Web3 gaming platform, succumbs to a $31M cyber attack

PlayDapp, a Web3 gaming platform, succumbs to a $31M cyber attack


Web3 Gaming Platform PlayDapp Experiences Major Hack

Yesterday, PlayDapp, a popular Web3 gaming platform, fell victim to a significant hack resulting in a potential loss of $31 million in assets. This incident has shed light on the urgent need to enhance security measures in the blockchain and cryptocurrency ecosystems.

Cyvers Alerts Detects Suspicious Transactions

Blockchain security platform Cyvers Alerts initially reported the hack before PlayDapp themselves confirmed the situation. According to Cyvers, they detected suspicious transactions involving PlayDapp. The deployer address of PlayDapp had been compromised by a malicious entity that added itself as an authorized minter on the platform.

The attacker proceeded to mint 200 million PLA tokens, equivalent to $31 million, taking advantage of this access. These tokens were then distributed across various addresses, with a significant portion being moved to the Gate.io exchange.

PlayDapp Responds to Hack

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A few hours later, PlayDapp released a statement confirming the hack and reassuring users that they were taking immediate action. The company notified partner exchanges to suspend trading and address the unauthorized tokens. To safeguard their assets, PlayDapp transferred all PLA tokens to a new, secure wallet.

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PlayDapp also reached out to the hacker, offering a reward for the return of the stolen assets. If the offer is rejected, PlayDapp intends to involve law enforcement agencies and hire a blockchain security firm to track down the hacker.

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Cyrus Dailey stands as a luminary gracefully weaving the roles of crypto analyst, tenacious researcher, and editorial artisan into a captivating narrative of insight. Amidst the intricate world of digital currencies, Cyrus’s perspectives resonate like finely tuned melodies, captivating curious minds from a myriad of perspectives. Her ability to decipher complex threads of crypto intricacies melds seamlessly with her editorial finesse, transforming intricacy into a harmonious composition of understanding.

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