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.
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.
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.”
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