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PlayDapp

<p>The post <a href="https://coinpedia.org/news/playdapp-grapples-with-dual-exploits-with-token-losses-reaching-290-million/">Playdapp Grapples With Dual Exploits With Token Losses Reaching $290 Million</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Hit with its <a href="https://twitter.com/playdapp_io/status/1757246034122842293">second exploit</a> in a week, the Blockchain gaming platform PlayDapp has suffered millions in losses followed by its first cybersecurity breach on 9th February losing $31 million worth of assets.&nbsp; These bad actors’ doing have resulted in the theft of a cumulative $290 Million worth of PLA tokens, the native cryptocurrency powering PlayDapp’s gaming platform and NFT marketplace.</p> 
<h2 class="wp-block-heading" id="h-playdapp-attacked-for-the-second-time-in-just-4-days-more-into-the-hack"><strong>Playdapp Attacked for the second time in just 4 days; more into the hack</strong></h2> 
<p>On Friday when the attacker gained access to the platform’s backend infrastructure, he allegedly added his address to the PlayDapp backend.</p> 
<p>The hacker’s unauthorized wallet minted 200 million PLA tokens worth $36.5 million previously through a private key compromise. Again the hacker went on to mint an additional 1.59 billion PLA tokens valued at $253.9 million on February 12 and laundered them through exchanges.</p> 
<p>The same hacker maintained access to the company’s systems. After stealing $36 million worth of assets in an initial wave, the hacker made off with another $254 million for the second time. This brings the total to a whopping $290 million.&nbsp;</p> 
<p>Experts believe the hacker gained access to one of the platform’s private keys, which they used to mint new funds into their wallet.</p> 
<h2 class="wp-block-heading" id="h-response-by-the-team"><strong>Response by the team</strong></h2> 
<p>Swift in their response, the PlayDapp team <a href="https://twitter.com/playdapp_io/status/1757357566844342365">paused</a> the PLA smart contract and requested a transaction halt for a snapshot. Immediate communication with CEXs ensured prompt action to suspend deposits and withdrawals, mitigating potential losses, and hacker wallets were frozen on major CEXs.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-team-s-unsuccessful-attempt-in-communicating-with-the-attacker"><strong>Team’s unsuccessful attempt in communicating with the attacker</strong></h2> 
<p>The team contacted the hacker directly through an on-chain message and made an offer for a reward for the immediate return of all stolen contracts and assets. But all attempts were futile as there was no response from the bad actor.</p> 
<p>The team also strictly warned him of the involvement of the FBI AND law enforcement agencies if he did not accept this offer. They have also made a statement publicly announcing a bounty and seeking assistance from&nbsp; WEB3 security agencies.</p> 
<h2 class="wp-block-heading" id="h-market-impact-and-conclusion"><strong>Market Impact and Conclusion</strong></h2> 
<p>Post the breach, the PLA token price reached <a href="https://www.coingecko.com/en/coins/playdapp">$0.15</a> on February 13, a decrease of 2.9% over 24 hours.&nbsp; The Playdapp team has been putting efforts into getting back the stolen tokens and even started communication with a hacker. The crypto community awaits hackers’ response and looks forward to the<a href="https://playdapp.medium.com/important-notice-pla-mitigation-plan-a52f15ad0d42"> mitigation plan</a> released by the team.</p>

Playdapp Grapples With Dual Exploits With Token Losses Reaching $290 Million

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