Nearly $ 100 Million in PYR Stolen from Vulcan’s Forged NFT Marketplace

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An attacker stole nearly $ 100 million in PYR tokens from the non-fungible Vulcan Forged Token Market (NFT), he announced on Twitter. The team will replace the stolen funds and began an investigation.

Vulcan Forged, an NFT marketplace, announcement on December 13, 148 wallets containing its PYR token were compromised. The attacker stole more than 4.5 million PYR tokens, worth just under $ 100 million.

PYR tank price

The team is working on replacing the PYR tokens that have been stolen, but the investigation is only just beginning. The PYR token has crashed by more than 10% since the theft was announced and continues to bleed.

PYR tokens will be replaced by treasury funds. In addition, it focuses on moving to a fully decentralized system wallet configuration, although the details of this have not been discussed.

The team provided details of the wallet used in the attack and also contacted the exchanges to blacklist the address. The owner may have even provided the KYC details of the wallet on the exchange. If this is true, it should make the investigation work short.

Vulcan Forged is an NFT ecosystem that offers a DEX, a dashboard to manage assets, a marketplace, and the ability to create NFTs. It is mainly focused on blockchain game ecosystem, which has gained popularity this year. The game model for winning has established itself with the success of games like Axie Infinity and The Sandbox.

Attacks remain a concern for the DeFi and NFT market

Thefts in the crypto space persist and continue to plague teams and investors. 2021 has seen a huge number of attacks occur. CipherTrace, A Cryptocurrency Intelligence Firm, Released a report indicating that Challenge related crimes reached an all-time high in the first seven months of 2021.

The total funds lost during this period stood at around $ 474 million, noting that the attacks focused on the Challenge the market was growing unsurprisingly as the niche grew. One of the most recent attacks, which occurred in early December 2021, was that of BitMart, which had $ 196 million Fly.

Flash loans are one of the most common exploits used by attackers, and such attacks have been common this year. Cream Finance alone has suffered its third flash loan attack this year, losing $ 130 million the third time around.

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