2024-03-04

Hackers Breach PlayDapp Blockchain Platform, Token Value Plunges

2 min read
Hackers Breach PlayDapp Blockchain Platform, Token Value Plunges

On February 9, 2024, hackers successfully breached the gaming blockchain platform PlayDapp, which operates on the Ethereum network. The native token of the ecosystem experienced a significant drop to multi-month lows in the aftermath of the hack.

During the attack, the perpetrators mined 200 million PLA tokens, causing the asset’s price to plummet by over 11%. Security experts from CertiK were quick to detect this activity.

Unknown individuals subsequently transferred the funds to the cryptocurrency exchange Gate.io. Analysts attribute the compromise to the exposure of private keys associated with PlayDapp. This breach resulted in the unauthorized creation of 200 million PLA tokens, equivalent to $31 million.

The hack was corroborated by cybersecurity firms PeckShield and Cyvers Alert, with the latter reporting that approximately $5.9 million had been transferred to Gate.io. They advised PlayDapp developers to engage with the exchange to address the issue.

In response to the incident, the PlayDapp team assured users that they are actively working to resolve the issue. They stated, “We have directly notified all partner exchanges and are collaborating with them to halt trading and address the unauthorized token issue. We will do everything possible to minimize the impact on PLA holders.”

Meanwhile, according to CoinGecko, the value of the PLA token dropped by 11.7% over the past day, currently trading at $0.1606. The coin’s market capitalization stands at $92 million, with a trading volume of $112 million in the last 24 hours.

According to DappRadar, the overall value of assets on the PlayDapp platform has decreased by 10.7% to $211 million. However, the number of unique active addresses on the platform has increased by 23%.

Previously, reports highlighted a series of DeFi sector breaches totaling $40 million in losses during the first month of 2024. Notable attacks targeted platforms such as GAMEE, CoinsPaid, and Radiant Capital.

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