$100 million+ Stolen from Vulcan Forged in a crypto heist

  • December 13, 2021

$100 million+ Stolen from Vulcan Forged in a crypto heist

Vulcan Forged, a non-fungible token [NFT] marketplace, is the latest victim of yet another crypto theft. The NFT platform announced that roughly 148 wallets containing its PYR tokens have been hacked, resulting in a loss of at least 4.5 million PYR coins, or about $100 million USD. The forum also revealed the wallet address of the alleged hacker and stated that the owner of the stolen monies may have ‘KYC on an exchange’ in a series of tweets. It also claimed its desire to transition to a “full decentralized wallet setup” and promised to reimburse all stolen PYR coins through its treasury.

With the passage of time, the crypto heist has grown in size

Security breaches like this aren’t new in the crypto world, but the troubling trend is that the amount of these attacks is rapidly growing in tandem with the cryptocurrency market’s recent price increase and growing mainstream usage. Previously, on December 12th, 2021, bitcoin exchange AscendEX had $80 million in assets stolen from a hot wallet.

An unnamed hacker or hackers took out a whopping $600 million in crypto assets from Poly Network, a cross-chain Bridge provider, last summer by exploiting a vulnerability in the platform, before returning the cash after a request from the Poly Network team. According to Chainalysis, a blockchain forensics firm, the alleged hacker claimed to have done it “for fun:)” and that he or she accepted the challenge by issuing the following statement:

“I accept responsibility for exposing the vulnerability before it is exploited by insiders!” Even if I don’t do anything bad, I understand the danger of exposing myself. As a result, I employed untraceable methods such as ephemeral email, IP addresses, and _so-called_ fingerprints. I’d rather save the world by staying in the dark.”

 

Movine Oduor
Latest posts by Movine Oduor (see all)