PlayDapp Hack: Coinbase Responds By Halting Trading

Coinbase announced that it has suspended trading in PlayDapp’s PLA token, just days after a hacker compromised assets estimated to be worth over $200 million on the Web3 gaming platform.

A massive hack of PlayDapp

The malicious attack has struck PlayDapp, a Web3 gaming platform offering dApps and NFTs on various blockchain networks, on February 9. A hacker exploited a security flaw, gaining unauthorized access to the platform’s private keys. Taking advantage of this vulnerability, he created 1.79 billion PLA tokens, with an estimated value of over $200 million at the time of the attack.

According to information from blockchain security companies PeckShield and Cyvers Alerts, the hacker has compromised the deployer’s address. This manipulation enabled it to grant itself the ability to massively create new PLA.

Faced with this crisis, PlayDapp quickly reacted. They contacted the hacker directly, offering a $1 million reward for the return of the stolen assets. PlayDapp also warned the hacker of possible legal action, even involving the FBIif the assets were not returned.

In response to this attack, the price of the token PLA collapsed by more than 15%..

At the same time, PlayDapp has announced the immediate reinforcement of its security measures and the temporary suspension of the PLA to enable migration. However, a secondary attack took place involving the unauthorized creation of 1.59 billion PLA tokens.

Coinbase suspends PLA

Against this backdrop of a major security crisis, Coinbase the leading American crypto platform has decided to suspend trading of the token PLA on Wednesday February 14. The exchange also stated that it would continue to monitor developments related to the PLA from the issuer and to inform its customers as further information becomes available.

Note that PlayDapp offers a feature-rich platform, hosting gaming dApps on multiple blockchain networks. Its native token, the PLA, deployed on the Ethereum blockchain, powers transactions carried out on the platform while rewarding game developers. In addition, PlayDapp has a marketplace where players can trade characters and items in the form of NFTs, with features such as upgrading, boosting and combining enhancing the value of these digital assets.