Blockchain gaming platform PlayDapp has become the latest victim of security exploits, losing over $32.5 million worth of tokens to bad actors. The project’s native token, PLA, has taken the hit, tanking by nearly 10%.
PlayDapp Part Ways With $32.5M
The attack was first discovered by the blockchain security platform PeckShield. Analyzing the bad actor’s on-chain transactions, PeckShield deduced that the attacker breached PlayDapp’s private key and minted 200 million new PLA tokens in two tranches of 100 million tokens.
Although PeckShield notified PlayDapp immediately about the exploit, the gaming platform has yet to officially acknowledge the attack and commence an investigation at press time.
PlayDapp is a gaming platform that welcomes gamers to play several games and earn rewards in the form of non-fungible tokens (NFTs) and PLA tokens. It was founded in 2017 by Sung-Wone Choi. The project’s flagship game, Along with the Gods: Knight of the Dawn, is a strategy role-playing combative game (RPG). The project utilizes the Ethereum and Polygon networks.
Following the malicious exploit, PLA’s value plummeted due to an excess of circulating tokens. Within a few hours, the token’s value plunged to as low as $0.1521. At the time of writing, the token’s value has risen to $0.1628, representing an 8.4% decrease in the last 24 hours.
Source: CoinStats
More High-Profile Crypto Hacks
PlayDapp’s latest exploit joins a slew of crypto hacks that have enveloped the industry over the years. This year alone, several high-profile security attacks have occurred. For example, this year commenced with the news of an $82 million hack of the cross-chain project Orbit Chain.
In another incident, DeFi lending platform Abracadabra parted ways with $6.49 million. The project’s stablecoin, MIM, consequently dropped below its intended $1 peg.
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