The latest Vulcan Forged hack just goes to show that when a token draws a lot of eyes, it can draw a lot of bad actors too. Covered: Vulcan Forged Hack PYR Price Outlook RECOMMENDED: SNOWDOG RUG PULL ROCKS AVALANCHE: WHAT HAPPENED Vulcan Forged Hack Monday night, a highly-anticipated blockchain gaming project called Vulcan Forged […] The post Vulcan Forged Under Fire After Suffering $140 Million Hack appeared first on CryptosRus.

Vulcan Forged Under Fire After Suffering $140 Million Hack

The latest Vulcan Forged hack just goes to show that when a token draws a lot of eyes, it can draw a lot of bad actors too.

Covered:

  • Vulcan Forged Hack
  • PYR Price Outlook

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Vulcan Forged Hack

Monday night, a highly-anticipated blockchain gaming project called Vulcan Forged (PYR) suffered a severe hack on the platform, resulting in the loss of more than 4.5 million PYR tokens, worth over $140 million at the time.

Vulcan Forged then clarified that the hackers got hold of 96 (not 148) private keys belonging to some of the largest Vulcan Forged users.

CEO Jamie Thomson took to Twitter shortly after the incident to address the situation and the plan moving forward for Vulcan Forged.

According to the team, Vulcan Forged (VF) was able to recover and refund the majority of the lost PYR to affected wallets from the VF treasury. The team has reportedly isolated the tokens stolen from all centralized exchanges and is working to identify footprints.

It’s important to note that this project was originally secured on a centralized platform as opposed to a decentralized blockchain, which raises a clear red flag in security. Moving forward, Vulcan Forged plans to migrate to a decentralized solution.

As of November, cryptocurrency investors have suffered over $12 billion in losses from decentralized finance (DeFi) exploits in 2021, according to a report from the London-based crypto analytics firm Elliptic.

PYR Price Outlook

Taking a look at the PYR chart, investors are certainly feeling the blood from the attack. From the moment that the hack came to light, PYR fell nearly 30% to a current price of  $20.09.

It looks like the gaming crypto has broken down below its long-term trend line and is headed back towards the bottom of this range ($16.40). Only time will tell if this hack ends the PYR bull run or if it will turn into a mere wick as it continues on a parabolic climb.

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On the bright side for Vulcan Forged, the project still has a long list of upcoming updates.

The post Vulcan Forged Under Fire After Suffering $140 Million Hack appeared first on CryptosRus.