Share this article
Vulcan Forged Play-to-Earn Gaming Platform Refunds Users After $140M Hack
PYR token prices fell 34% to $21 on Monday following news of the hack.
Updated May 11, 2023, 7:12 p.m. Published Dec 14, 2021, 7:21 a.m.
Make us preferred on Google
Play-to-earn NFT platform Vulcan Forged said on Tuesday it has refunded $140 million worth of PYR tokens to nearly all investors a day after the platform was hacked.
- The platform, which is built on the Polygon network, offers over six blockchain games, a decentralized exchange, as well as a non-fungible token marketplace.
- “All My Forge wallets have been secured. Only a few needing PYR back,” the developers in a tweet. They said that a buyback and token burn – mechanisms that see projects purchase tokens on the open market and send tokens to a “burn” address respectively – will be conducted in the following days.
Update: The majority of PYR has been refunded to affected wallets from the VF treasury.
— Vulcan Forged (@VulcanForged) December 13, 2021
We have isolated the tokens stolen from all CEX exchanges. We are working to identify footprints.
A 100% decentralized solution was perhaps the ray of light in this.
All dev carries on.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- All refunds were made from Vulcan Forged’s treasury, a fund that crypto projects use to save money for crises. Refunds were made in PYR and LAVA tokens, starting late Monday night and continuing until Tuesday morning.
- PYR tokens fell 34% to $21 on Monday following news of the hack. PYR recovered slightly to $24 during European hours on Monday and retreated to $21.15 at press time.
- Hackers stole 4.5 million PYR – nearly 9% of the token’s total supply – worth $140 million at the time, alongside relatively smaller amounts of ether and polygon (MATIC).
- The hackers got hold of over 96 private keys belonging to some of the biggest Vulcan Forged users. Private keys are digital signatures that prove ownership of an underlying address, allowing only their holders to move funds from those addresses.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Millions in crypto wealth at risk of vanishing when holders die. Here's how to protect them
Without proper planning, inherited crypto can easily be lost to delays, missing keys or fiduciaries unfamiliar with the asset class, experts warn.
What to know:
- Crypto holders can take a few steps to prevent their assets from disappearing forever when they pass away.
- Without proper planning, inherited crypto can easily be lost to probate delays, missing private keys, or fiduciaries unfamiliar with the asset class.
- Even with improved regulatory clarity, crypto adds complexity beyond what many in the advisory space are accustomed to.
Top Stories
