Vulcan Forged is a platform for blockchain gaming. They recently revealed the details of an alarming incident. Devious thieves stole 4.5 million $PYR tokens, worth approximately $100 million, from 98 wallets. According to investigators the attack occurred December 13. It used an unknown vulnerability in Vulcan Forged’s system. Initial reports suggested that the theft involved 148 wallets. Vulcan Forged had however changed this number to 98 after conducting their investigation.

These security breaches are not new to the cryptocurrency world. The troubling trend however is the rapid increase in these attacks, which is happening alongside the recent rise of the cryptocurrency market and its growing popularity. On December 12, 2021 bitcoin exchange AscendEX was missing $80 million of assets from its hot wallet.

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Vulcan Forged quickly responded to the big theft, disclosing the wallet address and reaching out to major exchanges to confirm that it was blocked. They revealed to one of the suspects that they believed they had the KYC information for the criminal, which led to swift punishment. The majority of the PYR that was owed to affected wallets has been returned by the VF (NYSE.) treasury. Developers claim that the tokens stolen by all CEX exchanges were segregated. This was perhaps the only hope that there is for a decentralized solution.

Vulcan Forged, as a consequence of the hacking, is prioritizing security. It will make preparations to move to a fully decentralized wallet system. Vulcan Forged, which took responsibility for all security breaches and pledged to return any tokens lost from its treasury funds, accepted total liability. The damage is still being felt as $PYR tokens lost more than 28% in the wake of the incident. While the investigation continues, the team is currently working on replacing the PYR coins that were used to buy treasury currency.

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