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PlayDapp Suffers $290M Loss in Exploit Due to Private Key Leak

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#GameFi
$PLA
Cointelegraph
639Words
Feb 13, 2024

PlayDapp, a South Korean NFT and game development platform, has been experiencing a significant exploit since February 9, with losses now reaching $290 million. The exploit was initiated through a private key leak, allowing hackers to mint 200 million of PlayDapp's native $PLA tokens, valued at $31 million at the time. The situation escalated on February 12 when an additional 1.59 billion $PLA tokens, worth $253.9 million, were minted illicitly. PlayDapp has halted its smart contract for migration and is working with blockchain analytics, security firms, centralized exchanges, and law enforcement to mitigate the damage. The company also offered a $1 million reward for the return of the stolen contracts and assets, and has threatened to contact law enforcement, including the FBI, if the assets are not returned. The total supply of $PLA before the hack was only 577 million, making the illicitly minted tokens difficult to sell. The value of $PLA has dropped significantly since the exploit began.

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