HomeNEWSPlayDapp suffers $290 million hack

PlayDapp suffers $290 million hack


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Popular Web3 Gaming platform, PlayDapp has endured a $290 million exploitation on its network. In a blog post, the protocol confirmed the attack, though stressed that it has yet to ascertain the level of damage done to its minted 200 million tokens.

But, it clarified that only a minimal damage was done to its secondary minting of 1.59 billion tokens. However, it aims to commence investigations immediately to unravel the circumstances that led to the hack. PlayDapp vows to track every transaction associated to the hackers to filter out invalidly minted tokens.

To track the hackers, PlayDapp said it has hired security firms. It insists that the loss of ownership over the token smart contract further makes PLA tokens vulnerable to further attack. More so, the web3 gaming platform also announced other measures to ensure the safety of customer assets.

First, it plans to announce the timing of the snapshot in its upcoming update. Likewise, PlayDapp is planning to collaborate with CEXes to ensure the migration from PLA to PDA, thereby reimbursing PDA to PLA holders.

For reimbursement, customers are expected to use the current balance holdings as per the snapshot timing, with PlayDapp promising to pay the full amount of token holdings at a 1:1 ratio. As for users with PLA tokens on CEXes, PlayDapp said they won’t be required to take any action.

PlayDapp launches migration page and claim portal

PlayDapp also announced that it has already prepared a migration page and claim portal for holders of PLA tokens. But, it plans to disclose the possible launch date with the involved CEXes. According to the web3 gaming platform, holders of the token will have to undergo KYC verification process to ensure Anti-money laundering compliance.

While the claim duration will be one year, there will be an additional year through individual customer support, thereby facilitating an hitch-free migration to PDA. Being an upgraded version of PLA, PlayDapp believes PDA will introduce multi-signature implementation, and other features like snapshot, pause, and more. More so, it will ensure the removal of minting authority to ensure market stability.

With PDA, PlayDapp also wants to introduce a DAO voting system, allowing holders to participate in the decision making processes of the platform.

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Dare Ibitoye
Dare Ibitoye
Over the years, Dare has been a committed reporter in the field of cryptocurrencies. He is also interested in researching about the innovative projects within the blockchain space. During his spare time, Dare loves to listen to music and read about technological trends in the contemporary world

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