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Home»ADOPTION NEWS»Crypto gaming platform PlayDapp lost $290 million worth of tokens due to two exploits: Elliptic
ADOPTION NEWS

Crypto gaming platform PlayDapp lost $290 million worth of tokens due to two exploits: Elliptic

By Crypto FlexsFebruary 14, 20243 Mins Read
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Crypto gaming platform PlayDapp lost 0 million worth of tokens due to two exploits: Elliptic
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According to blockchain analytics firm Elliptic, an abuse of cryptocurrency gaming platform PlayDapp resulted in the loss of millions of dollars worth of PLA tokens that power PlayDapp’s gaming platform and NFT marketplace.

Elliptic said in a report Tuesday that an unauthorized wallet, possibly caused by a private key compromise, minted 200 million PLA tokens worth $36.5 million at the time on February 9.

Shortly after this incident, PlayDapp sent a message to the hacker via an on-chain transaction.Return the stolen funds by 3 a.m. ET on February 13th to receive a $1 million white hat reward. If not, PlayDapp said it would issue a $1 million white hat bounty to find the hackers and cooperate with law enforcement.

“Attempts to negotiate with the hackers were unsuccessful as they showed no willingness to recover holders’ losses,” PlayDapp wrote in a statement Tuesday.

Instead, the hackers issued an additional 1.59 billion PLA tokens worth $253.9 million on February 12 and began laundering money through cryptocurrency exchanges.

“The total circulating supply of PLA tokens prior to the breach was 577 million, so it may be difficult for exploiters to sell the 1.8 billion newly minted tokens at a price close to their pre-hack market value,” Elliptic wrote.

Suspended smart contract

February 13th Playdapp wrote On social media platform X, the PLA smart contract was suspended.

“We are requesting a transaction halt to conduct a snapshot for the migration,” it said. “Please understand that we are committed to protecting our holders’ assets and will continue to provide updates to our community.”

PlayDapp added that it is working with cryptocurrency exchanges, blockchain forensics companies, and law enforcement agencies. We are also tracking issued and exchanged tokens and discussing migration solutions such as airdrops.

According to The Block’s PLA pricing page, PlayDapp’s PLA token was trading at $0.15 as of 10:55 AM ET on February 13, down 2.9% in the last 24 hours.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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