Blockchain analytics firm Elliptic stated in its report that PlayDapp, a crypto game and NFT platform, was hacked. According to the report, the attacks that took place on February 9 and 12 started as a result of the theft of keywords and caused a loss of more than $290 million.

They refused to reach an agreement

The Elliptic report states that on February 9, the hackers printed 200 million units of PlayDapp’s native PLA token valued at $31 million. PlayDapp used an on-chain transaction to connect with the hackers shortly after their attack. Shortly after the attack, PlayDapp sent a message to the hackers via an on-chain transaction. In the message, a $1 million reward was offered in exchange for the return of the funds. PlayDapp added that if the hacker rejected their offer, the platform would include the US Federal Bureau of Investigation (FBI) in the investigation, along with other law enforcement outfits. In the statement of PlayDapp, it was stated that the hacker or hackers refused to reach an agreement.

They minted another $253 million valued tokens

On February 12, however, the hacker or hackers minted a further 1.59 billion PLA tokens valued at $253.9 million and began laundering the funds. Additionally, it is obvious that attackers are attempting to sell tokens through exchanges.

They may struggle to sell the 1.8 billion newly-minted tokens

Before the incident, the total circulating supply of PLA tokens was 577 million, therefore the hackers may struggle to sell the 1.8 billion newly-minted tokens at a price similar to their market value prior to the hacking.

Additionally, PlayDapp also announced that the PLA token smart contract has been discontinued. it was stated that they were working together with the stock exchanges to find a solution.