• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
The PlayDapp platform lost $290 million due to an exploit

The PlayDapp platform lost $290 million due to an exploit

user avatar

by Max Nevskyi

2 years ago


The South Korean platform for blockchain game development and a trading platform for non-fungible tokens (NFT), PlayDapp, faced serious financial losses due to an exploit that lasted four days, resulting in the loss of over $290 million in cryptocurrency. The exploit began on February 9, when an unauthorized wallet issued 200 million PLA tokens worth $36 million at the time. It was determined that the wallet was added after the compromise of the token's smart contract private keys, leading to the protocol being hacked.

In response to the incident, PlayDapp offered the hacker a $1 million reward for the return of the funds by February 13 and threatened to involve law enforcement. However, the hacker continued their actions, minting an additional 1.59 billion PLA tokens worth $249.6 million and began laundering the stolen funds through various blockchains.

In an attempt to stop the further spread of the stolen tokens, PlayDapp called on centralized exchanges to suspend PLA deposit and withdrawal transactions and froze the hacker's wallets. At the time of the article's publication, the platform is investigating the methods of the hacker's intrusion, tracking the issued and exchanged tokens, and negotiating with exchanges about migration solutions, including airdrops.

PlayDapp also called on PLA token holders and DEX operators to suspend transactions and liquidity pool activities for PLA tokens as a precaution, emphasizing that protecting the assets of holders is a priority. As a result of these events, the value of the PLA token fell by more than 18%, from $0.182 to $0.148.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

XRP Price Shows Potential for Breakout Amid Liquidity Imbalance

chest

Analysts indicate that XRP is poised for a significant price movement due to a growing liquidity imbalance.

user avatarRajesh Kumar

XRP's Role in Enhancing Liquidity and Market Efficiency

chest

XRP is being utilized as a bridge currency to enhance liquidity and market efficiency in the financial ecosystem.

user avatarLucas Weissmann

Insights on Bitcoin's Price Bottom from Long-Term Holder Metrics

chest

Insights on Bitcoin's price bottom using Long-Term Holder metrics, indicating potential capitulation phases.

user avatarFilippo Romano

Cardano Advances Ecosystem Upgrades Amidst Market Challenges

chest

Cardano is launching USDCx and integrating LayerZero to enhance its DeFi ecosystem despite market pressures.

user avatarEmily Carter

Cardano ADA Faces Market Challenges Amidst Development Activity

chest

This year has been challenging for Cardano ADA investors as weakening retail participation collides with renewed development activity and aggressive accumulation by large holders.

user avatarTomas Novak

Analysts Warn of Potential Strain on Digital Asset Treasuries by 2026

chest

Analysts warn that by 2026, companies holding large amounts of digital assets may need to sell part of their holdings due to falling prices and debt obligations.

user avatarKaterina Papadopoulou

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.