AMLR Solutions
AMLR Consultation
Onboarding
Ongoing Monitoring
FRAML
KYC
KYB
KYI
Age Assurance
Workforce IAM
Candidate Verification
Account Takeover
Bonus/ Promotion Abuse
Chargeback Fraud
Deepfake
Document Fraud
Fraud Networks
Impersonation Fraud
Money Mule Activity
Multi-Accounting
Party Fraud
Regulatory & Compliance Risks
Synthetic Identity Fraud
Adult Content
Banking
Crypto
Fintech
Forex
Compliance
Fraud prevention
Trust & safety
Global expansion
Compliance Officers
Developers
Fraud Analysts
Product Managers
Advanced Journey Builder (AJB)
Global Trust Platform
Customer Profiles
Vendor Comparison
IDV Case Management
AML Case Management
Regulatory Reporting
Travel Rule Protocols
Agentic Rule Builder
AI Compliance Co-Pilot
Fraud Analytics
Fraud Hub
OCR
Shufti AI
Bank Account Verification
Biometric Duplication
Database Checks
Document Intelligence
Government ID
Mobile Driver's License
NFC
Selfie Liveness
Brand Personalisation
Deployment Options
Identity Methods
IDV Modes
Multi-tenancy
On-Premise IDV
Secure Capture
VulcanForge is the third cryptocurrency company to be targeted by hackers in just this month, with losses of up to $140 million. More than $400 million were stolen in total from the three companies.
In the latest hack that hit VulcanForge, hackers primarily targeted cryptocurrency investors and stole the private keys that were used to gain access to 96 wallets. As a result of the hack, 4.5 million PYR, which is the token used throughout VulcanForge’s ecosystem, were compromised.
The main business of VulcanForge revolves around creating games like VulcanVerse, which the company describes as an “MMORPG”, as well as card games like Berserk. As the names suggest, these games are like all other blockchain games, which are designed to create opportunities for buying and selling in-game items linked to NFTs through PYR.
When it comes to crypto-based businesses, the compromise of private keys means “game over”, as it provides complete control over everything including the funds secured by particular addresses on a blockchain.
“Over 4m PYR has been stolen from users’ wallets. It was premature to say this is [wallet management service] Venly’s end: we simply don’t know the cause,” wrote the company, asking users to move funds to Metamask, a popular wallet.
“All funds stolen will be replaced once we’ve understood what’s happened,” said Venly’s CTO.
“No words can do much right now, we know that,” the company said in a post on Twitter.
148 wallets holding PYR have been compromised. Over 4.5m PYR has been been stolen.
While we will replace the PYR taken, our first steps are understanding what’s happened.
No words can do much right now, we know that. We’ll keep updated.
— Vulcan Forged (@VulcanForged) December 13, 2021
This theft of cryptocurrency was the third in the last eleven days. The previously hit companies were BadgerDAO on Dec 2, which lost $119 million, followed by BitMart’s hack four days later, where $150 million were lost.
Suggested read: $196M Lost in BitMart Hack, Crypto Analysts Warn More Will Come
