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Vulcan Forged Ecosystem Learns Valuable Lessons in Recent Hack

Vulcan Forged Ecosystem Learns Valuable Lessons in Recent Hack

While My Forge users were hacked, all PYR and other stolen funds will be reimbursed

The Vulcan Forged gaming dapp ecosystem has suffered an exploit through its My Forge functionality last night. This left numerous player wallets completely drained.

According to an official Twitter announcement, 148 user wallets were exposed during the hack. Native PYR tokens and other assets have been stolen from them. The Vulcan Forged team was incredibly quick to react. The team has reimbursed all 148 wallet addresses for their losses with PYR tokens taken from the protocol treasury. 

According to CEO Jamie Thomson, hackers exploited the Vulcan Forged ecosystem through a semi-custodial wallet solution called Venly. The wallet provider did not suffer from the hack. However, the hackers managed to exploit code on the side of the Venly integration. In this way, they gained access to the private keys of 148 user wallets. 

This effectively gave hackers complete control over the wallets, allowing them to drain not only PYR tokens but all other assets present in these portfolios. According to the announcement, all PYR funds have already been taken from the Vulcan Forged Treasury and restored to user wallets. Any missing ETH and MATIC balances and other stolen tokens will also be replaced shortly.

In order to counteract further exploits of user wallets, the CEO has announced that the Vulcan Forged ecosystem will move to completely decentralized wallet provider services. Further Twitter announcements state that the ecosystem should have a completely new wallet system in the next couple of days. In the meantime, you can still purchase PYR tokens through third-party services like DappRadar’s Token Swap

Vulcan Forged is moving forward

According to DappRadar data, the majority of Vulcan Forged dapps have seen a positive trend in terms of user acquisition in the past thirty days. Vulcan Verse attracted 145% more users in the past 30 days, while the new gaming dapp Block Babies boosted its user base by 151%. Unfortunately, the upwards trend plummeted as news of the hack spread around.

vulcan forged

Despite the slowdown in the past 24 hours, dapps on Vulcan Forged can get back on track. Additionally, the team has recently introduced a Binance Smart Chain bridge, allowing users to move their Ethereum-based assets to BSC. Despite the recent setback, the protocol is developing steadily, constantly introducing new features for users. While this is definitely a troublesome time for the protocol, it is also an opportunity to learn valuable lessons. 

DappRadar will continue monitoring the Vulcan Forged ecosystem. You can browse through all Vulcan dapps here. To find out more about PYR, visit the DappRadar Token Swap, or read this handy article. Follow DappRadar on Twitter, and join our Discord community to learn the latest news first. 

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