The CEO of Vulcan Forged, Jaime Thomson, in a video message on Twitter, informed about the hack attack and called it the darkest day in the history of Vulcan Forged. He explained, “We use Venly which is a semi-custodial wallet solution. Haven’t had any issues with it so far. Someone has broken into our servers and used Venly’s credentials to gain access to users’ privacy keys. We will now use decentralized wallets so that we never face such difficulties.” Thomson said that his firm will compensate users who have been victims of the hack attack.
Hackers stole assets in Ether, Polygon and Vulcan Forged’s native PYR cryptocurrency. The PYR declined in value after the hack attack and is trading around $20 on CoinMarketCap. Vulcan Forged asked its community members to withdraw funds from liquidity pools on decentralized exchanges to make it difficult for hackers to sell the stolen assets. However, hackers have done a lot of damage despite this.
Vulcan Forged has asked users who have been victims of the hack attack to create an account on MetaMask to receive compensation for the loss. Even before this, some crypto-related firms and exchanges have become the target of hackers and they have lost crypto assets worth millions of dollars. To avoid hackers, crypto exchanges are taking strict security measures and users have also been advised to be cautious.
For the latest tech news, smartphone reviews and exclusive offers on popular mobiles, download the Gadgets 360 Android app and follow us on Google News.