Crypto gaming platform PlayDapp suffered two significant exploits, resulting in the loss of $290 million worth of PLA tokens. The first exploit involved an unauthorized wallet minting 200 million PLA tokens worth $36.5 million. Following unsuccessful negotiations with the exploiter, a further 1.59 billion PLA tokens valued at $253.9 million were minted and laundered through crypto exchanges. PlayDapp attempted to negotiate with the hacker for the return of the stolen funds, offering a $1 million white hat reward, but to no avail. The total circulating supply of PLA tokens before the breaches was 577 million, making it difficult for the exploiter to sell the newly minted tokens at market value. PlayDapp has paused the PLA smart contract, requested a halt of transactions for a snapshot for migration, and is working with crypto exchanges, blockchain forensic firms, and law enforcement to protect holders' assets and discuss migration solutions like an airdrop. The PLA token's value decreased by 2.9% following the incidents.

An exploit of crypto gaming platform PlayDapp resulted in the loss of millions worth of the PLA token that powers PlayDapp's gaming platform and NFT marketplace, according to blockchain analytics firm Elliptic.Elliptic noted in a Tuesday report that an unauthorized wallet, likely resulting from a private key compromise, minted 200 million PLA tokens worth $36.5 million at the time on Feb. 9.Shortly after this incident, PlayDapp messaged the exploiter through an on-chain transaction requesting that the hacker return the stolen funds by 3:00 a.m. ET on Feb. 13 for a $1 million white hat reward. If not, PlayDapp said it would issue a $1 million white hat bounty to find the hacker and collaborate with law enforcement."Attempts to negotiate with the hacker were unsuccessful as they showed no willingness to help recover holders' losses," PlayDapp wrote in a Tuesday statement.Instead, the hacker minted a further 1.59 billion PLA tokens valued at $253.9 million on Feb. 12 and began laundering the funds through crypto exchanges."Before the breaches, the total circulating supply of PLA tokens was 577 million, so the exploiter may find it difficult to sell the 1.8 billion newly-minted tokens at anything close to their market value prior to the hacks," Elliptic wrote.On Feb. 13, PlayDapp wrote on the social media platform X that the PLA smart contract had been paused.

"We kindly request the halt of transactions to conduct a snapshot for migration," it said. "Please understand that we are doing everything to protect holders' assets, and we will continue to keep the community updated."PlayDapp added that it is working with crypto exchanges, blockchain forensic firms and law enforcement. In addition, it is tracking minted and swapped tokens and discussing migration solutions, like an airdrop.PlayDapp's PLA token was trading for $0.15 as of 10:55 a.m. ET on Feb. 13, decreasing 2.9% over the last 24 hours, according to The Block's Price Page for PLA.

PlayDapp Loses $290 Million in Tokens Due to Exploits, According to Elliptic