Coinbase Suspends PLA Token Trading After PlayDapp's Smart Contract Suspension
Coinbase Suspends PLA Token Trading After PlayDapp’s Natty Contract Suspension
Coinbase suspended PLA token trading on Wednesday after Web3 gaming platform PlayDapp paused the spruce contract’s efficiency.
“We can proceed to computer screen trends linked to PLA from the issuer and change our customers as more files becomes accessible,” Coinbase acknowledged on X.
PLA’s suspension comes about 4 days after PlayDapp suffered a foremost security breach. It resulted in a hacker exploiting the platform thru a security flaw. The hacker is asserted to bear minted 1.79b tokens valued at over $200m.
The PLA token plunged after the breach. It final traded 0.4% lower on Wednesday at round $0.14, and is down over 15% in the previous week.
PlayDapp hack visualized, hacker usually minted 72% of the total provide firstly minted. pic.twitter.com/fs2Cz4ZUaJ
— Matt (@mcasto_) February 13, 2024
PlayDapp Supplies Reward for Asset Return
PlayDapp acknowledged the hack on the the same day, announcing it may perhaps probably perhaps well perhaps rapidly steal steps to lift security measures. The platform also contacted the hacker thru an on-chain message, and equipped a reward for the instructed return of compromised sources.
If the provide used to be declined, PlayDapp acknowledged it may perhaps probably perhaps well perhaps collaborate with the FBI and moderately a few law enforcement businesses to pursue the hacker. Additionally, it acknowledged it may perhaps probably perhaps well perhaps sing a public bounty and look aid from a Web3 security provider.
Secondary Attack Mitigated
As phase of security measures, PlayDapp acknowledged it may perhaps probably perhaps well perhaps temporarily slump the PLA spruce contract for migration purposes. It also acknowledged it mitigated a secondary attack, intriguing unauthorized minting of an additional 1.59b PLA tokens.
“Rapid communication with CEXs ensured instructed action to slump deposits and withdrawals, mitigating doable losses, and hacker wallets were frozen on major CEXs,” PlayDapp acknowledged.
Why would a hacker bear to exploit PlayDapp? The platform gives a ramification of blockchain networks and game dApps. Its native token, PLA, operates on Ethereum, fueling transactions on the platform while rewarding game developers.
Extra, PlayDapp aspects a marketplace where gamers can change characters and objects. This enhances the cost of NFTs thru processes corresponding to leveling up, strengthening, and combining them.
Coinbase robotically assesses tokens accessible for trading on its platform. In September, it halted trading for six tokens, along side BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).
Source : cryptonews.com
