Coinbase has temporarily suspended the gaming platform PlayDapp’s token trading and transfer activities after the recent hack that resulted in the theft of 200 million PLA tokens. Recent updates from the Web3 platform have shared some insight into the investigation process.
Suspension Of Trading Activity On Coinbase
On Thursday, the news of the hack was first informed by the security platform Cyvers Alerts on X (formerly Twitter). PlayDapp’s team later confirmed the security breach and immediately contacted partnered exchanges to take measures to protect the holder’s assets.
The gaming platform contacted major centralized exchanges (CEXs) to request deposit and withdrawal suspensions due to the hacking incident and promptly reported to the authorities about the case.
On Monday, the team shared an urgent notice post detailing the state of the investigation and the temporary measures it would take to minimize the hack’s impact on PLA holders.
Following this request, Coinbase announced the suspension of PLA’s trading and transfers across their website, Coinbase Prime, Advanced Trade, and Coinbase Exchange. The exchange expressed its intention to continue monitoring the developments from PlayDapp before giving new updates to customers.
We will continue to monitor developments related to PLA from the issuer and update our customers as more information becomes available.
Learn more: https://t.co/PoDxz71eAp
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) February 14, 2024
In the notice post, the team informed of its current collaboration with exchanges, blockchain intelligence, security firms, and law enforcement agencies to investigate and resolve the issue further. It has now extended its petition to temporarily pause all liquidity and pool activities related to PLA to decentralized exchanges (DEXs).
According to the circular, decentralized exchanges (DEXs) have hindered the hacker’s attempts at dispersing the stolen tokens.
Migration Process And Price Reaction
PlayDapp tried to negotiate with the hacker to retrieve the stolen funds. However, the attempts failed as the hacker “showed no willingness to help recover holders’ losses,” which resulted in an additional attack that led to the issuance of an additional 1.59 billion PLA tokens.
Subsequently, the team continues investigating the hacker’s intrusion methods to prevent further attacks, and they’re currently tracking the minted and swapped tokens by…
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