PLAYDAPP plans to launch a new token, PDA, to replace the PLA token that was invalidated due to a hacker attack.

PLAYDAPP has announced that it has been hacked due to a smart contract breach, resulting in the issuance of 1.79 billion invalidly minted $PLA tokens. To address this issue, PLAYDAPP plans to introduce a new token called PDA to replace the original $PLA tokens. The snapshot for the token swap will be taken on February 26th at 16:00 Beijing time. Users are advised not to transfer $PLA tokens into or out of their wallets or any trading platforms until the migration process is completed.

PLAYDAPP will collaborate with selected coordinated centralized exchanges (CEX) to facilitate the migration from $PLA to PDA. $PLA token holders will be compensated with PDA tokens based on their current $PLA token balance at the snapshot time. The compensation will be provided at a 1:1 ratio of the total token holdings. For $PLA holders whose wallets are not on the coordinated CEX, PLAYDAPP has prepared a migration portal and will invite these users to access it at a later stage.

Prior to this incident, a report by blockchain analytics company ELLIPTIC revealed that PLAYDAPP had suffered a hack on February 9th, resulting in the minting of 200 million $PLA tokens, valued at $36.5 million.