PlayDapp Incurs $31 Million Loss in Weekend Breach

The leak of the private key facilitated the hacker in minting 200 million PlayDapp tokens and subsequently transferring a substantial portion to the Gate platform.

Thief stealing video games
The PlayDapp team hopes for the return of the stolen funds by the perpetrator.

On February 9, the gaming platform PlayDapp fell victim to a significant hack. According to the on-chain security team PeckShield, the attacker minted 200 million PLA (PlayDapp) tokens, valued at over $31 million, following the exposure of the platform’s private keys.

"It appears that the deployer's address has been compromised, and the attacker's address has been added as a minter at," the Cyvers blockchain security platform, which identified the suspicious transaction, reported on X. Cyvers also noted that the initial funding for the exploit originated from the automatic cryptocurrency exchange FixedFloat.

In its latest report, SlowMist underscored that "a significant portion, valued at $5.9 million, was directed to the Gate platform.

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The PlayDapp team promptly notified all partner exchanges regarding the incident and has been actively collaborating with them to suspend trading and address the presence of unauthorized tokens. In addition, the team attempted to contact the hacker through an on-chain method on Saturday, offering a reward for the immediate return of all stolen contracts and assets.

While the team aims to swiftly address the incident through communication with the perpetrator, it intends to collaborate closely with the FBI and other law enforcement agencies to pursue legal action against the hacker if the offer is not accepted.

"Furthermore, we will publicly announce a bounty and seek assistance from a Web3 security provider," the PlayDapp team stated on X.

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This incident has resulted in a significant decline in the PLA price. Prior to the hack, the token was trading at $0.1825. However, following the heist, the PLA coin lost nearly $0.03 in value. As of press time, the token price has fallen to $0.15 according to CoinMarketCap data.