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Crypto gaming platform PlayDapp suffered breaches that resulted in the loss of $290 million worth of PLA tokens – based on their market value at the time of the theft.
On February 9, 200 million PLA tokens, then worth $36.5 million, were “minted” by an unauthorized wallet. This is believed that it is the result of a private key compromise.
In response, PlayDapp sent a message to the exploiter via an on-chain transaction, offering a $1 million “white hat reward” to recover the stolen funds by February 13.
The message sent by PlayDapp to the exploiter after the first breach on February 9.
However, on February 12, the exploiter forged an additional 1.59 billion PLA tokens, worth $253.9 million at market prices at the time of this breach. These tokens are already starting to be laundered – sent to cryptoasset exchanges and other accounts.
Before the breach, the total circulating supply of PLA tokens was 577 million, so it might be difficult for an exploiter to sell the ~1.8 billion newly minted tokens for anything close to their pre-hack market value.
Wallets linked to the exploit are already flagged in Elliptic’s tools – allowing the exchange and other service providers to identify if they are receiving revenue from this hack.
