Crypto hackers are being seen becoming very active again these days in executing their attempts to deprive people of their digital wallets and the funds lying therein as well as victims’ information and ruining their Christmas. Vulcan Forged has become their newest target and at least 96 wallets belonging to Vulcan Forged users were compromised.
Activities of crypto malicious actors are once again on the horizon. Before Christmas, they are trying to loot as more as they can. Two days ago, the hackers attacked a crypto trading platform and caused an estimated loss of US$ 70 Million. Now another crypto-related entity namely “Vulcan Forged” too has been victimized. This time, the victim was a company involved in the business of online gaming and the sale and purchase of NFTs. The company has its own digital wallets which it has given to its users for depositing and withdrawing digital funds.
Soon after the attack, it became apparent that at least 96 digital wallets of Vulcan Forged were being compromised. The company entirely lost control over these compromised wallets which were then at the mercy of the hackers. The hackers then plundered native tokens of Vulcan Forged to the tune of US$ 100 Million. Now that it has become obvious that Vulcan Forged security isn’t that tight as it was claimed, the value of native tokens i.e. PYR has declined enormously. The victim noted that the hack had caused a 27% decline in the value of PYR.
The situation could have ended up in legal consequences if Vulcan Forged hadn’t reacted quickly. The company was quick in addressing the concerns of the victims whose digital accounts were left empty. The firm informed that each and every penny of the victims will be refunded back to them as immediately as possible. The surety from the firm extinguished the anger felt by Vulcan Forged customers.
It was furthermore informed by Vulcan Forged that the firm will change its digital wallet services. It said that they would switch to digital wallets which are of a purely decentralized kind. In this connection, email notifications too have been sent off to the users of Vulcan Forged. They have been advised to switch their wallets with new ones such as “Metamask” wallets.
In the meantime, Vulcan Forged has established contacts with the agencies for ensuring that the hackers cannot utilize the stolen funds. Centralized firms have been accordingly informed that they should report immediately if they come to know about stolen funds. Furthermore, investigation teams have been formed within the company to assess the causes of hack attacks.
Within the month of December alone, there have already been three successful attempts of hacking. Before Vulcan Forged, the hackers had hacked into the networks belonging to Ascendex and Bitmart i.e. both crypto trading platforms. However, the two earlier hacks caused a huge loss than what has been succumbed by Vulcan Forged.