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

3 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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

HANetf and HSBC Launch First GBP EUR-Hedged Bitcoin Products

HANetf and HSBC have announced the launch of the first GBP EUR-hedged Bitcoin products, marking a significant development in the digital asset ecosystem.

user avatarLuis Flores

Goldman Sachs Integrates $100 Billion Treasury Fund with Crypto Institutional Frameworks

Goldman Sachs has announced the integration of its $100 billion Treasury Fund with crypto institutional frameworks, marking a significant development in the digital asset ecosystem.

user avatarArif Mukhtar

UK Financial Conduct Authority Opens Crypto Authorisation Regime

The UK Financial Conduct Authority has formally opened its Crypto Authorisation Regime, marking a significant development in the digital asset ecosystem.

user avatarMaria Gutierrez

Amazon Stock Price Predictions for 2027

Major firms predict Amazon stock will reach $350 per share by 2027, driven by AWS growth and AI advancements.

user avatarDavid Robinson

Tether Partners with Shiga to Launch Financial Products in Africa and Gulf

Tether is transitioning its Wallet Development Kit into financial products for users and institutions in Africa and the Gulf, collaborating with Shiga.

user avatarJacob Williams

Soneium and DayOneDream Join Forces to Tokenize Kpop Revenue Streams

Soneium partners with DayOneDream to tokenize Kpop revenue streams using blockchain technology.

user avatarAndrew Smith

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.