Vulcan Forged, the Vulcan Forged platform, was hacked and its customers made about $140 million poorer. A hacker exploited the Polygon-based platform to get hold of the private keys to ninety-six crypto wallets and grab 4.5 million PYR tokens. The company has vowed to make affected users whole with money from its treasury and claimed that half of the stolen funds have already been repaid.
A video message from CEO Jamie Thomson on today’s hack. pic.twitter.com/ivW5EjVrhm
— Vulcan Forged (@VulcanForged) December 13, 2021
According to Jamie Thomson the CEO of the company, “What’s happened is someone’s exploited our servers, got the Venly credentials, and used it to extract the private keys of the MyForge users”. (MyForge is an asset management tool that displays users’ crypto and NFT holdings.).
Due to the hack the company vowed to transition to decentralized wallets for greater security.