A hacker exploited the Polygon-based Vulcan Forged NFT Marketplace and got hold of the private keys from 96 crypto wallets, which enabled the hacker to steal 4.5 million PYR tokens (worth about $140 million). According to crypto.com, Vulcan Forged’s PYR token is down 12% this morning.

What happened? According to Vulcan Forged CEO Jamie Thomson, the hacker was able to attack the semi-custodial wallets that Vulcan Forged helped manage for its customers. The problem wasn’t with its wallet solution provider, Venly, but a vulnerability within Vulcan Forged. What have they learned from this hack? Thompson said, “Going forward, of course, we’re going to be using nothing but decentralized wallets so we never have to encounter this problem again.”

Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.

About Shelly Palmer

Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, is a regular commentator on CNN and writes a popular daily business blog. He's a bestselling author, and the creator of the popular, free online course, Generative AI for Execs. Follow @shellypalmer or visit shellypalmer.com.



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