In brief ⚡

  • PlayDapp Hit by $31 Million Token Breach: Market Turmoil and Investor Confidence Shaken

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Hacks and Scams⚠️

PlayDapp

Amount of Loss:  ~ $31M

Analysis

  • PlayDapp, a major player in blockchain gaming, experienced a sophisticated cyber-attack where the attacker infiltrated the system and added a new address as a minter, allowing them to mint 200 million PLA tokens worth $31 million.

  • The breach highlights significant security oversight within PlayDapp's infrastructure, enabling the attacker to directly influence the token's supply and value by bypassing conventional theft methods.

  • The attack led to immediate market repercussions, with $5.9 million worth of stolen tokens transferred to the Gate platform, indicating intentions to liquidate the assets.

  • PLA token value plummeted by 11.32% within 24 hours post-breach, reflecting market concerns about security and stability in blockchain gaming platforms like PlayDapp.

  • Investors experienced financial losses as a result of the decline in PLA token value, impacting confidence in the platform and its security measures.

  • The breach underscores the importance of robust security measures and protocols in blockchain-based ecosystems to prevent such attacks and mitigate their consequences.

Explore the Depths of Knowledge: Research Papers, Blogs and Tweets🔖

Tweets

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GitHub Repos

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Articles 

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Web3 Community Spotlight🔦

Epic event about Ethereum at ETHDenver!

Epic ETH Infra Day is a one-day technical event for builders dedicated to Ethereum Infrastructure. Web3 developers, founders, and enthusiasts are invited.

Don't miss your chance to visit keynotes from the coolest experts:

  • ​Bobbin Threadbare - Co-founder @ Polygon

  • ​Brandon Truong - Co-founder @ ZetaChain

  • ​Nick White - COO @ Celestia

  • Firat Sertgoz - Engineering Manager @ NEAR

  • Ben Goebel - Exploration Dev @ StarkWare

  • Harry Roberts - Technical Product Manager @ Oasis Network

🗺️March 1st, Denver

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 Introduction  In 2022, Epic Games CEO Tim Sweeney expressed that zero-knowledge proofs (ZKPs) would be a crucial aspect of blockchain

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