🌋 PlayDapp Endures Double Hack Disaster
postedΒ 13 Feb 2024
PlayDapp, the cryptocurrency gaming platform, is reeling from a massive $290 million token loss following two hacking incidents in just one week. The initial breach was on February 9, where a hacker managed to mint 200 million PLA tokens, valued at $36.5 million, presumably by cracking into the developers' private key.
PlayDapp attempted damage control by offering a $1 million reward for the return of the stolen assets by February 13, communicated through blockchain messaging. However, in a surprising twist, the hacker replicated their attack on February 12, creating 1.59 billion more PLA tokens ($253 million) and immediately laundering them across different exchanges and swap platforms.
The feasibility of offloading these ill-gotten tokens is questionable due to the low liquidity in leading exchanges (under 1-2 million tokens in buy orders) and enhanced surveillance, with Elliptic flagging the hacker's wallets for expedited tracking and freezing operations.
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