Skip to main content

Hackers on the Prowl as $404 Million Lost in Attacks this Month.

Wherever there is an influx of massive amounts of money hackers try to break in and steal some of it. Nowadays crypto and blockchain-related games are trendy and have generated billions of dollars in transactions.

Such a huge amount of money has caught the attention of hackers who have accelerated the speed of attacks on crypto gaming companies.

VulcanForge is one such company that became a third victim of a hacking attack this month alone. Hackers stole $135 million from its users, the company admitted. The attack was carried out by hackers by gaining access to private keys to access 96 wallets and stealing 4.5 million PYR (VulcanForge’s token).

This resulted in a sharp decrease in the token’s price and it fell to $21. This was the third large-scale hacker attack on a cryptocurrency in the past eleven days.

The attacks resulted in an accumulative loss of $404 million. Before VulcanForge, BadgerDAO, a DeFi platform, lost $119 million. The attacks on such companies especially VulcanForge is significant because it uses decentralized exchanges for their token trade.

Decentralized exchanges run on smart contracts with no centralized order book which pushes investors to trade against “liquidity pools”. Decentralization also means that there is no central authority that blocks or bans malicious accounts involved in cashing out stolen funds.

VulcanForge has advised its users to remove their liquidity to avoid further hacking attacks by making it difficult to cash out. Nevertheless, major damage is already done.

VulcanForge made refunds to its users after the attacks and did it via VulcanForged’s treasury. Crypto companies erect treasury funds to cater to such crisis scenarios. The refunds were made in PYR and LAVA tokens.

Besides PYR tokens, ether (ETH) and polygon (MATIC) were also stolen by the hackers in small amounts.

VulcanForge staff member further shared, “All the CEX we have partnered with are tracking the addresses and movement of funds. The funds would get seized by the exchange upon deposit.”

Gaming News Of Video Game Consultant;

Gaming News Every day the latest video game news about the gaming industry. Video games news on NFTs (non-fungible tokens, NFT, NFT’s) , Play to Earn (P2E/Play-to-Earn), crypto games and crypto currencies, gaming guilds, Metaverse, VR, AR, AI, Virtual Worlds, Avatars, Digital Assets, In-game digital currencies, Web3 development, Blockchain based video games and its transactions and payments in the games.

Entertainment and all the big tech companies and technology behind it. Hyper Casual Games and the game studio’s that lead the way. Mobile games, PC games and Console Games and their vision on cloud gaming, streaming, esports and gamer communities. Online digital entertainment like movies, music, concerts, art and top brands such as fashion and much more that connect with video games in the metaverse.

If you want to stay up-to-date of my daily game news, then follow me on Google News.

Reinout te Brake

In a career spanning across 20+ years, Reinout te Brake has raised over 100+ Million Euros in Fundraising for a diversity of companies and has worked with several venture capitals firms. Helping gaming companies expand their brand reach, get the right story telling and make an impact on a global scale. Reinout te Brake has had the honor to counsel some of the major gaming companies operating on a global scale. For the last 12 years, he has devoted his major focus towards the niche of gaming consultancy to provide his insight and expertise to help gaming companies reach outstanding financial and business results.