Ongoing Exploit on PlayDApp: An Examination of the Recent NFT Platform Hack in South Korea
The PlayDApp exploit continues, with the South Korean NFT and game development platform grappling with a significant security violation. The trouble began on February 9, when unauthorized exposure of private keys was discovered. The blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. More security company, PeckShield, quickly identified suspicious activity with the creation of 200 million native PLA tokens, estimated to be worth $31 million. PlayDapp promptly responded, suspending its smart contractA smart contract is code that runs automatically when certain conditions are met. Kind of like "if-then" programming. If X happens, then the smart contract... More on February 13 to prepare for a potential migration. The platform also reached out to the hacker, proposing a reward for the return of the purloined contracts and assets, and threatened to get law enforcement agencies involved, including the U.S. FBI, if no answer was forthcoming. Meanwhile, PlayDapp’s customer service was inaccessible from February 9 to 12, exacerbating user frustration.
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