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George Spencer

December 13, 2021

$140 Million Stolen From Crypto Platform

The third crypto fraud of the month just happened as investors lost $140 million to hackers in Vulcan Forged. Vulcan Forged is a company that provides a wide range of crypto-related services. It is primarily a gaming company, with six distinct blockchain-based games available. It does, however, have an NFT marketplace and its own decentralized exchange where users may trade its currency PYR. When a user opens an account with Vulcan Forged, the platform generates a set of blockchain wallets on the Ethereum, Polygon, and VeChain blockchains for them. Instead of requiring the user to manage their own private keys, the platform does it on their behalf.

The hackers acquired the private keys to 96 wallets, siphoning out 4.5 million PYR, VulcanForge’s token that can be used across its ecosystem, according to a series of tweets from the firm on Sunday and Monday. VulcanForge’s major business is generating games like VulcanVerse, which it defines as a “MMORPG,” and Berserk, a card game. Both titles, like nearly other blockchain games, appear to be primarily built as platforms for buying and selling in-game products tied to NFTs utilizing PYR.

The company wrote on their official Discord channel: “Over 4m PYR has been stolen from users’ wallets. It was premature to say this is [wallet management service] Venly’s end: we simply don’t know the cause. All funds stolen will be replaced once we’ve understood what’s happened.”

The company asked users to quickly move their funds to Metamusk, a popular crypto wallet. The total amount of cryptocurrency stolen in the three thefts that happened this month is around $404 million. PYR, like many new coins, trades on decentralized exchanges, making the VulcanForge hack noteworthy.

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