NFT Market Vulcan Forged Hacked: Over 4.5 Million PYR has been Stolen

Key Takeaways:

  • NFT market Vulcan Forged hacked and over 4.5 million PYR was stolen.
  • The hacker was able to access a user’s wallet because he had obtained the right to use the personal essentials.
  • 148 wallets holding PYR have been compromised.
  • Over 4.5m PYR has been stolen.
Nft Market Vulcan Forged Hacked: Over 4.5 Million Pyr Has Been Stolen
NFT Market Vulcan Forged Hacked: Over 4.5 Million PYR has been Stolen

On the morning of December 13, the cryptocurrency market was once again jolted by news that yet another venture, this time Vulcan Forged, had fallen victim to hackers. Vulcan Forged is an NFT-enabled platform that allows users to create, trade, perform, and even have a DEX where they can trade the project’s PYR and LAVA tokens.

However, on the morning of December 13, Vulcan Forged tweeted that,

“148 wallets holding PYR have been compromised. Over 4.5m PYR has been stolen. While we will replace the PYR taken, our first steps are understanding what’s happened. No words can do much right now, we know that. We’ll keep updated. We have contacted all exchanges to blacklist that address. It also seems the wallet owner may have KYCd on an exchange we’re now in contact with.”

Nft Market Vulcan Forged Hacked: Over 4.5 Million Pyr Has Been Stolen
NFT Market Vulcan Forged hacked: Over 4.5 Million PYR has been Stolen

In a later update, Vulcan Forged stated that the hacker was able to access a user’s wallet because he had obtained the right to use the personal essential, but the venture did not explain why. The personal essential was made public.

Nonetheless, Vulcan Forged is committed to collaborating with venture capital to compensate all impacted customers. Vulcan Forged also posted the attacker’s wallet and claims to operate with exchanges to determine it.

This is the wallet responsible: 0x48ad05a3B73c9E7fAC5918857687d6A11d2c73B1.

The latest tweet from them stated that,

“We will send emails out to all Vulcan wallets affected today to get a metamask address from you. We’ll replace your PYR and LAVA from our treasury. We are removing the semi-custodial solution from the entire Vulcan ecosystem. Please give us today to get our heads around this.”

The hacker had transferred the majority of the stolen dollars to the one-inch DEX to be distributed at the time of creation.

Nft Market Vulcan Forged Hacked: Over 4.5 Million Pyr Has Been Stolen
NFT Market Vulcan Forged hacked: Over 4.5 Million PYR has been Stolen

This is the fourth largest cryptocurrency attack this December, following Badger DAO ($ 120 million), BitMart ($ 200 million), and, most recently, AscendEX ($ 77.7 million).

Vulcan Forged is currently taking several initiatives to help users who lost their funds in this hack.

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Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.

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