The investment company, Vulcan Forged Marketplace (VFM), is one of the most active in crypto. There were two wallets that were compromised on their platform and $100 million worth of PYR tokens was stolen from them. VFM released a statement saying they will be compensating investors for this loss by giving out 500% dividends until further notice. In response to these events, there are several questions surrounding the use of multisig transactions as well as what coins should be used with large amounts stored online?

$100 Million in $PYR Stolen from Vulcan Forged Marketplace

Vulcan Forged, a blockchain gaming environment, has exposed the facts of a horrific incident that occurred on their platform lately. 4.5 million $PYR tokens worth about $100 million were stolen from 98 wallets by devious scoundrels.

The attack, according to investigators, occurred on December 13 and took use of a previously unknown weakness in the Vulcan Forged system. Initially, it was thought that the robbery included 148 wallets. Vulcan Forged, however, amended this amount to 98 when conducting the study.

Vulcan Forged was fast to respond to the big heist, revealing the liable wallet address and contacting all major exchanges to guarantee the address was blacklisted. One of them disclosed that they think they have the criminal’s KYC information on file, which might lead to rapid punishment for the criminal.

Update: The VF treasury has reimbursed the bulk of PYR to impacted wallets.

The stolen tokens from all CEX exchanges have been isolated. We’re attempting to locate footprints.

A completely decentralized method was probably the ray of hope in this situation.

All development continues.

December 13, 2021 — Vulcan Forged (@VulcanForged)

As a consequence of the attack, Vulcan Forged is prioritizing security and will set in action preparations to transition to a completely decentralized wallet system, committing all of their development resources to complete this critical work as soon as possible.

Following the incident, Vulcan Forged accepted full responsibility for the security breach and promised to repay any lost tokens from the treasury fund. However, the harm is still being felt, as $PYR tokens have lost over 28% of their value in the aftermath.

 

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