NFT platform Vulcan Forged paid compensation to victims of yesterday's hack


  • 15 December hackers hacked into private wallets of Vulcan Forged users
  • Criminals stole tokens for 200 million dollars
  • Attackers hacked accounts thanks to stolen security keys
  • In the evening 15 December, the administration began to compensate for losses
  • Looking at this, the Vulcan Forged PYR quotes “sagged” by 36%
  • The market is experiencing an outflow of investors who in a hurry get rid of assets

On Tuesday, 16 December , the administration of the Vulcan Forged platform fully compensated for all losses of users after the hacker attack. The day before, unknown attackers hacked the wallets of marketplace participants and stole PYR tokens on 220 million dollars.

Let’s remind, on Monday, 16 December, a Vulcan Forged spokesman announced a successful hacker attack. Unknowns opened 300 private accounts marketplace participants. They have withdrawn 4.5 million PYR “coins”. For quotes from 17 in December, the damage was about 200 million dollars.

According to preliminary data, it was possible to hack accounts thanks to the private private keys of users. This is a digital signature required to authenticate the client and confirm the transaction.

Against the background of this situation, the price of PYR rapidly “crawled” downward. As of , 103 dollar (about 37% compared with 15 December). In just one day, the volume of the market capitalization of the asset decreased by 32, 50%.

Vulcan Forged CEO Jamie Thompson called Monday “the blackest day in VF history”. He also confirmed that the hackers gained access to the wallets, having previously stolen 108 security private keys.

The next day, the administration of the portal announced that it had fully compensated for all losses of wallet owners. All payments are made from the Vulcan Forged crisis fund. The company also noted that it had isolated all stolen assets from centralized exchanges.

One way to prevent this from happening in the future is to decentralize the client data protection mechanism. The administration has assured users that it has “patched” all the holes and that work continues to ensure adequate level of protection.

Earlier we reported that the DeFi platform Vee.Finance lost more than 37 million dollars due to hacker attacks.

Dima is a managing editor and news writer. 5 years in content management. He makes sure that only high-quality information, truthful news and interesting articles get to the site. You can contact him through @IncryptedNewsBot.

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