Vulcan Forged Game Updates: Instead of storing wallet keys on business servers, Vulcan Forged CEO Jaime Thomson intends to let community members handle their own keys from now on.
- The Vulcan Forged CEO has released details on Twitter about how the company is reimbursing the victims of the hack assault.
- Cyber-attacks on the crypto space are becoming more common by the day.
- In recent years, the number of hacks targeting crypto-related platforms has increased dramatically. Vulcan Forged, a crypto-gaming environment, was recently hacked, resulting in the loss of $140 million (approximately Rs. 1,062 crore) in user crypto assets. According to reports, hackers gained access to the keys of 96 wallets, stealing 23.7 percent of the project’s circulating token supply. The game ecosystem administers the key to these cryptocurrency wallets, which are based on the Ethereum, Polygon, and VeChain blockchains.
- “Venly, a semi-custodial wallet solution, is what we use.” Venly is a service that, as far as we know, is working properly and has not been hacked. Someone has taken advantage of our systems, obtained the Venly credentials, and utilised them to extract the Forged users’ private keys. Of course, going ahead, we’ll only use decentralised wallets so we never have to deal with this problem again,” Thomson said, adding that the company is using its treasury to reimburse victims of the cyber assault.Essentially, Thomson stated that the company will now allow consumers to manage their own wallet keys rather than storing them on its servers.
The hackers took Ether, Polygon, and Vulcan Forged’s native PYR cryptocurrency, which has since dropped in value and is currently trading at $20 (approximately Rs. 1,517 per token) on CoinMarketCap. Vulcan Forged had encouraged its community members to withdraw funds from liquidity pools on decentralised exchanges to make it more difficult for the hacker to cash out the stolen funds. The cyber-criminal, on the other hand, was able to sell modest amounts of PYR in exchange for Ether. According to a report by The Block Crypto, a compromised wallet containing $2 million in PYR (approximately Rs. 15 crore) is currently under the hacker’s possession.
To get their compensation, the business has asked affected members to create accounts with MetaMask. According to market research tracker CoinGecko, the crypto market is currently experiencing a global surge, with the whole market valuation surpassing $3 trillion (approximately Rs. 2,22,79,296 crore). A massive hack attack in October lost the Ethereum-based lending protocol “Cream Finance” $130 million (approximately Rs. 972 crore) in crypto assets.
According to a recent research, cryptocurrency-related crimes would cost over $10.52 billion in 2020. (roughly Rs. 79,194 crore). The Federal Bureau of Investigation (FBI) in the United States claimed in November that cyber criminals are tricking individuals into using physical cryptocurrency ATMs and digital QR codes to carry out illegal transactions and steal their money.
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