$290 million dollars worth of PLA tokens have been stolen after a major exploit of crypto gaming platform PlayDapp exposed vulnerabilities in the system.
$290 million dollars worth of PLA tokens have been stolen after a major exploit of crypto gaming platform PlayDapp exposed vulnerabilities in the system. Blockchain analysis firm Elliptic reported the incident, uncovering the minting of 200 million PLA tokens (worth $36.5 million at the time) from an unauthorized wallet, likely stemming from a compromised private key.
Desperate to recover the stolen funds, PlayDapp initially offered a $1 million "white hat" reward for their return. This offer escalated to a $1 million bounty by February 13th, coupled with threats of collaboration with law enforcement. However, the hacker remained unmoved, instead minting a staggering 1.59 billion additional PLA tokens (worth $253.9 million) and attempting to launder them through crypto exchanges.
This massive influx of newly minted tokens poses a significant challenge for the hacker. Prior to the exploit, the total circulating supply of PLA stood at 577 million. Successfully selling such a vast quantity, especially at the market value before the hack, remains highly unlikely.
PlayDapp is halting the PLA smart contract to prevent further exploitation. They are also collaborating with crypto exchanges, blockchain forensic firms, and law enforcement to track the stolen tokens and apprehend the culprit. Additionally, discussions are underway regarding potential recovery solutions, including token migration.
Following the exploit, the PLA token witnessed a decline of 14.7%, and is currently trading at $0.1474.
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