Blockchain gaming platform PlayDapp has become the latest victim of security exploits, losing over $32.5 million worth of tokens to bad actors. The project’s native token, PLA, has taken the hit, tanking by nearly 10%.
PlayDapp Part Ways With $32.5M
The attack was first discovered by the blockchain security platform PeckShield. Analyzing the bad actor’s on-chain transactions, PeckShield deduced that the attacker breached PlayDapp’s private key and minted 200 million new PLA tokens in two tranches of 100 million tokens.
Hi @playdapp_io, you may want to take a look.
New 200m $PLA tokens were just freshly minted. It seems to be a private key leak and the new minter was just added in the following tx: https://t.co/tyxDksNwSt pic.twitter.com/SkjZsTjtdQ
— PeckShield Inc. (@peckshield) February 9, 2024
Although PeckShield notified PlayDapp immediately about the exploit, the gaming platform has yet to officially acknowledge the attack and commence an investigation at press time.
PlayDapp is a gaming platform that welcomes gamers to play several games and earn rewards in the form of non-fungible tokens (NFTs) and PLA tokens. It was founded in 2017 by Sung-Wone Choi. The project’s flagship game, Along with the Gods: Knight of the Dawn, is a strategy role-playing combative game (RPG). The project utilizes the Ethereum and Polygon networks.
Following the malicious exploit, PLA’s value plummeted due to an excess of circulating tokens. Within a few hours, the token’s value plunged to as low as $0.1521. At the time of writing, the token’s value has risen to $0.1628, representing an 8.4% decrease in the last 24 hours.
Source: CoinStats
More High-Profile Crypto Hacks
PlayDapp’s latest exploit joins a slew of crypto hacks that have enveloped the industry over the years. This year alone, several high-profile security attacks have occurred. For example, this year commenced with the news of an $82 million hack of the cross-chain project Orbit Chain.
In another incident, DeFi lending platform Abracadabra parted ways with $6.49 million. The project’s stablecoin, MIM, consequently dropped below its intended $1 peg.
