Business News Report
February 14, 2024

PlayDapp Reveals Migration Plan after Secondary Hack Attack Led to Issuance of 1.59B PLA Tokens

In Brief

PlayDapp confirmed its secondary hack attack losing 1.59B PLA tokens and requests major CEXs and DEXs to halt PLA deposits and withdrawals.

PlayDapp Announces Migration Plan after Secondary Hacker Attack Prompted Issuance of 1.59B PLA Tokens

Blockchain gaming platform PlayDapp (PLA) released a statement announcing that, after confirming the hacker attack, the platform promptly took measures, urgently requesting major centralized exchanges (CEXs) to halt deposits and withdrawals of coins temporarily. Additionally, the incident was reported to the investigation department for further examination.

According to the announcement, attempts to engage in negotiations with the hackers proved unsuccessful, and a subsequent attack was initiated, leading to the issuance of an additional 1.59 billion PLA tokens.

As urged by PlayDapp, the majority of CEXs have suspended deposits and withdrawals. Moreover, the company advised decentralized exchanges (DEXs) to temporarily cease all liquidity pool activities associated with PLA tokens.

Presently, PlayDapp is collaborating with exchanges, blockchain intelligence, security firms, and law enforcement agencies to scrutinize the methods employed by the hackers, trace the tokens they generated and traded, and explore potential migration solutions, including airdrops, with exchanges. Furthermore, the platform encouraged PLA token holders to refrain from trading and plans to migrate based on a snapshot. The migration plan will be released in the near future, according to PlayDapp.

Recently, CEX Coinbase suspended PLA transactions and transfers within its platforms, including Coinbase.com, Coinbase Prime, Advanced Trade, and Coinbase Exchange.

PlayDapp Faces Hacker Exploit

The exploit, first detected last week, led to the loss of substantial value in PLA tokens, the currency driving PlayDapp’s gaming platform and NFT marketplace.

An unauthorized wallet, likely resulting from a private key compromise, minted 200 million PLA tokens on February 9th, amounting to $36.5 million. Following an unsuccessful negotiation attempt, the hacker generated an additional 1.59 billion PLA tokens, valued at $253.9 million, on February 12th and began laundering the funds through various cryptocurrency exchanges. Subsequently, PlayDapp temporarily halted the PLA smart contracts.

As of the time of writing, PlayDapp’s PLA token continues trading at almost $0.15, marking a 7.5% decrease over the past 24 hours, according to data from CoinMarketCap.

Facing ongoing challenges, PlayDapp collaborates with various entities to address the aftermath of the hacker attack, suspend activities, and implement potential migration solutions while the PLA token decreases in value.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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