Hacked Crypto Platform Vulcan Forged Refunds Most of the Victims

Vulcan Forged, a crypto gaming ecosystem that recently fell victim to a massive hack, said on Tuesday that it has refunded $140 million worth of PYR tokens to most of the victims.

Update: The majority of PYR has been refunded to affected wallets from the VF treasury.

We have isolated the tokens stolen from all CEX exchanges. We are working to identify footprints.

A 100% decentralized solution was perhaps the ray of light in this.

All dev carries on.

— Vulcan Forged (@VulcanForged) December 13, 2021

“All My Forge wallets have been secured. Only a few needing PYR back,” a developer of the project stated. The project will also start a buyback program for the purpose of burning the tokens after the matters with the attack are settled.

Developed over the Polygon network, Vulcan primarily offers crypto games across six blockchains. Additionally, it provides a decentralized exchange and a non-fungible token (NFT) marketplace.

A Massive Hack

On Monday, the platform confirmed that its security was breached, resulting in the theft of $140 million worth of cryptocurrencies. The attackers got hold of the private keys of more than 96 wallets of major Vulcan Forged users.

Though the users of Vulcan create their own individual wallets, all of their private keys are managed by the platform itself and not the users.
The attack on the platform was massive as attackers stole 4.5 million PYR tokens, which is around 9 percent of the total supply of the tokens. Further, other cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term like Ether and Matic were siphoned off by the hackers.

Before publicly announcing the attack, Vulcan urged the community to remove funds from liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term pools so that the perpetrators could not cash out using decentralized exchanges. However, the attackers swapped most of the PYR tokens for ETH with only 2 million PYR worth $47 million to be liquidated.

Currently, Vulcan is making refunds to the victims in PYR and LAVA tokens from its treasury, which the platform had saved to manage any crisis.

Meanwhile, the market value of PYR dropped significantly after the confirmation of the attack, but it has now recovered a bit and is trading at $21.60, as of press time, according to Coinmarketcap data.