Nearly $100 Million in PYR Is Stolen From Vulcan’s Forged NFT Market

Vulcan Forged claimed on Twitter that an attacker stole approximately $100 million in PYR tokens from their NFT marketplace. The team has initiated an inquiry and will replace the stolen monies.

On December 13, Vulcan Forged, an NFT marketplace, stated that 148 wallets containing its PYR token had been hacked. Over 4.5 million PYR tokens, valued slightly under $100 million, have been taken by the attacker.

The team is already trying to replace the stolen PYR tokens, but the investigation has only just began. Since the theft was announced, the PYR token has fallen by over 10% and continues to bleed.

The PYR tokens will be replaced by treasury money. Additionally, it is planning on transitioning to a fully decentralised wallet architecture, albeit the details were not disclosed.

The team has disclosed the information of the wallet used in the assault and contacted exchanges to request that the address be blacklisted. The owner may have even given the exchange with the wallet’s KYC information. If this is accurate, the research should be rather straightforward.

Vulcan Forged is a decentralised exchange (DEX) environment that includes a dashboard for asset management, a marketplace, and the capacity to mint NFTs. It is largely concerned with the blockchain gaming environment, which has gained prominence over the last year. With the popularity of games like Axie Infinity and The Sandbox, the play-to-earn concept has risen to prominence.

Thefts continue to haunt teams and investors in the crypto field. The year 2021 has witnessed an unprecedented amount of assaults. CipherTrace, a cryptocurrency intelligence service, has published a research saying that DeFi-related crimes reached a record high in the first seven months of 2021.

The total amount lost over that time span was around $474 million, indicating that assaults targeting the DeFi industry were increasing unexpectedly as the specialty grew. One of the most recent assaults, which happened in early December 2021, targeted BitMart and resulted in the theft of $196 million.

Flash loans are one of the most often exploited vulnerabilities by attackers, and such assaults have been particularly prevalent this year. Cream Finance alone has been the victim of three flash loan attacks this year, losing $130 million each time.

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