Vulcan Forged NFT stole over $ 100 million, PYR token price collapsed

Vulcan Forged, an NFT-enabled platform, announced a few hours ago that hackers had hacked into 148 of their wallet addresses and stole more than 4.5 million PYR, currently valued at more than 100 million US dollars.

https://twitter.com/VulcanForged/status/1470201106626224140?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
When the case was exposed, the Vulcan Forged community wondered how the hacker could guess the private keys of 148 wallet addresses or a “rug pull” by the founding team.

PYR price collapsed

Vulcan Forged says it is working to make amends for the stolen PYRs, but the first step is to find out what happened.

The PYR price is currently trading at $ 22.8, down more than 15% since the attack was announced and showing no signs of stopping.

PYR. Price chart | Source: Tradingview

Volcano forged already provided detailed information about the wallet addresses used in the attack and also contacted exchanges to blacklist those addresses and identify the hacker.

Vulcan Forged is a platform that allows users to create, trade, play games and even have a decentralized exchange (DEX) to trade the project’s PYR and LAVA tokens. It mainly focuses on the blockchain gaming ecosystem, which gained popularity that year when the play-to-earn (P2E) model exploded with the success of Axie Infinity and The Sandbox.

Attacks remain a problem for the DeFi and NFT markets

Attacks in the crypto space are ongoing and continue to affect a number of projects and investors.

There were numerous attacks in 2021. CipherTrace, a cryptocurrency intelligence company, has release One report says DeFi-related crime hit an all-time high (ATH) in the first seven months of 2021.

The total amount stolen during this period was $ 474 million, indicating that attacks on the DeFi market are on the increase.

One of the most recent attacks was AscendEX (formerly Bitmax) which stole $ 77.7 million.

Flash loans are among the most common attacks by hackers and are quite common this year. Cream Finance alone suffered three flash loan attacks this year with a total loss of $ 130 million, Bitcoin Magazine reported.

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