Hackers Steal $31M from Gaming Platform PlayDapp

According to cybersecurity firm PeckShield and reported by Crypto Alerts, an unidentified individual made $31 million worth of PLA tokens through a hack on the PlayDapp gaming blockchain platform. The incident was also highlighted by experts from Cyvers Alerts.

The perpetrator added their address as a “minter” and transferred the stolen tokens to multiple wallets. Additionally, they sent a portion of the tokens, worth $5.9 million, to the cryptocurrency exchange Gate.io. PlayDapp’s team has confirmed the hack and the creation of new PLA tokens.

They are currently working with partner exchanges to suspend trading in the unauthorized tokens and minimize the impact on PLA holders.

As a result of the hack, the value of the PLA token has dropped by 11.8% in the past 24 hours, according to CoinGecko.

At the time of writing, the coin is trading below $0.16. This hack on PlayDapp is not the only recent incident in the cryptocurrency world. In January, DeFi protocol Abracadabra Finance lost $6.5 million in a similar attack. In the same month, it was also reported that $112 million was stolen from Ripple in a separate hack.