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An attacker stole nearly $ 100 million in PYR tokens from the non-removable token (NFT) marketplace that Vulcan Forged forged, according to Twitter. The team launched an investigation.
Vulcan Forged, the NFT marketplace, announced on December 13 that 148 wallets containing its PYR token had been compromised. The attacker stole over 4.5 million PYR tokens worth just under $ 100 million.
Impact of the attack on the PYR ecosystem
The team is working to replace the stolen PYR tokens, but the investigation has just begun. The PYR token has dropped more than 10% since the theft was announced and continues to decline.
PYR token price: CoinMarketCap
PYR tokens will be replaced with funds in the treasury. In addition, it is focused on moving towards a fully decentralized wallet, although the specifics of this have not been discussed.
The team provided details of the wallet used in the attack and contacted exchanges to blacklist the address. The owner may have even provided the KYC wallet details to the exchange. If this is true, then the investigation should be prompt and effective.
Vulcan Forged is an NFT ecosystem that offers DEX, Asset Management Dashboard, Marketplace, and NFT minting capability. It is primarily focused on the blockchain gaming ecosystem, which has grown in popularity this year. The play-to-earn model has come to the fore with the success of games like Axie Infinity and The Sandbox.
Attacks Continue to Raise Concerns in the DeFi and NFT Market
Theft in the crypto space continues and continues to harass teams and investors. In 2021, there were a huge number of attacks. Digital currency intelligence company CipherTrace released a report saying DeFi-related crimes hit an all-time high in the first seven months of 2021.
The total lost funds during this period was approximately $ 474 million, noting that attacks targeting the DeFi market unsurprisingly expanded as the niche grew. One of the most recent attacks from early December 2021 was the BitMart attack, from which $ 196 million was stolen.
Flash credits are one of the most commonly used exploits by attackers, and such attacks have become common this year. Cream Finance alone survived its third flash credit attack this year, losing $ 130 million for the third time.
Posted by Anastasia Zapolskaya, analyst at Freedman Сlub Crypto News
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