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Vulcan Forged Game Hacked

CEO Jaime Thomson plans to let community members handle their own wallet keys from now on instead of storing them on the company's servers.

Vulcan Forged Game Hacked

In recent years, hacking attacks on encryption-related platforms have increased exponentially. Recently, a crypto game ecosystem called Vulcan Forged became a victim of hacker attacks, and users lost USD 140 million in crypto assets (approximately Rs 1,062 crore). According to reports, hackers accessed the keys of 96 wallets and stole 23.7% of the project's circulating token supply. The game ecosystem provides players with these crypto wallets built on Ethereum, Polygon and VeChain blockchains, and manages the keys of these wallets.

Vulcan Forged Game CEO Jaime Thomson Twitter Video Message

Jaime Thomson, CEO of Vulcan Forged posted a video message on Twitter, acknowledging the violation and calling December 13 "the darkest day in the history of Vulcan Forged."

"We use Venly, which is a semi-custodial wallet solution. Venly itself is a service. As far as we know, everything is fine and has not been exploited or hacked. What happened was that someone took advantage of our server, Obtained Venly credentials and used them to extract the private keys of Forged users. Of course, looking forward to the future, we will only use decentralized wallets, so we will never encounter this problem again," Thomson said, also revealing the company's funds are being used to compensate victims of hacker attacks.

Thomson basically stated that the company will now allow users to handle their own wallet keys instead of being responsible for the keys on their servers.

Hackers stole the assets of Ether, Polygon, and Vulcan Forged's native PYR cryptocurrency, which fell in value after being hacked. The current transaction price on CoinMarketCap is US$20 (approximately Rs 1,517 per token) ).

In order to make it more difficult for hackers to cash out stolen funds, Vulcan Forged has asked its community members to withdraw funds from the liquidity pool of decentralized exchanges.

However, cybercriminals managed to sell small batches of PYR for Ether. According to a report by The Block Crypto, $2 million in PYR (approximately 150 million rupees) was hidden in a stolen wallet and is now under the control of hackers.

The company has asked affected members to open accounts on MetaMask to obtain their compensation.

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According to data from the market research tracker Cryptopickup, the cryptocurrency market is currently witnessing global prosperity, with the overall market value reaching the US$3 trillion (approximately Rs 2,227,929.6 billion) mark.

In October, a major hacking attack caused the Ethereum-based lending agreement "Cream Finance" to lose 130 million U.S. dollars (approximately 9.72 billion rupees) in encrypted assets.

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A recent report shows that the total amount of crimes related to cryptocurrency in 2020 is about 10.52 billion U.S. dollars (approximately 79,194 crore).

In early November, the US Federal Bureau of Investigation (FBI) stated that cyber scammers are letting innocent people use physical encrypted currency ATMs and digital QR codes to complete malicious transactions and defraud their assets.

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